Nikola (NASDAQ:NKLA) Shares Up 8%

Nikola Co. (NASDAQ:NKLA) shares traded up 8% on Wednesday . The company traded as high as $8.97 and last traded at $8.68. 2,593,316 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 3,216,903 shares. The stock had previously closed at $8.04.

Analyst Ratings Changes

NKLA has been the subject of several research analyst reports. Wolfe Research started coverage on shares of Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating for the company. DA Davidson reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Nikola in a report on Wednesday, June 12th. Finally, Bryan, Garnier & Co initiated coverage on Nikola in a research note on Thursday, May 16th. They issued a “buy” rating and a $30.00 target price on the stock.

Nikola Stock Up 1.4 %

The company has a 50 day simple moving average of $14.71 and a 200-day simple moving average of $19.85. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.73 and a quick ratio of 1.50.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($3.00) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($3.00). The business had revenue of $7.50 million during the quarter, compared to analysts’ expectations of $15.05 million.

Insider Buying and Selling at Nikola

In related news, CEO Stephen J. Girsky acquired 33,333 shares of Nikola stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $16.20 per share, with a total value of $539,994.60. Following the completion of the purchase, the chief executive officer now owns 241,433 shares of the company’s stock, valued at $3,911,214.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Nikola by 27.1% during the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock valued at $89,029,000 after buying an additional 12,085,830 shares during the period. Arizona State Retirement System boosted its holdings in shares of Nikola by 78.3% during the fourth quarter. Arizona State Retirement System now owns 291,130 shares of the company’s stock worth $255,000 after purchasing an additional 127,856 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Nikola by 22.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 729,059 shares of the company’s stock worth $638,000 after purchasing an additional 135,041 shares during the last quarter. Van ECK Associates Corp increased its holdings in Nikola by 47.5% during the 4th quarter. Van ECK Associates Corp now owns 6,466,358 shares of the company’s stock valued at $5,657,000 after purchasing an additional 2,083,089 shares during the period. Finally, Victory Capital Management Inc. raised its position in Nikola by 55.7% during the 4th quarter. Victory Capital Management Inc. now owns 123,022 shares of the company’s stock valued at $108,000 after purchasing an additional 43,985 shares during the last quarter. Institutional investors own 37.38% of the company’s stock.

Nikola Company Profile

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.