Nikola (NASDAQ:NKLA) Shares Down 2.1%

Shares of Nikola Co. (NASDAQ:NKLA) were down 2.1% during mid-day trading on Tuesday . The stock traded as low as $4.68 and last traded at $4.68. Approximately 2,548,889 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 3,150,846 shares. The stock had previously closed at $4.78.

Analysts Set New Price Targets

Separately, DA Davidson cut their price target on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th.

Nikola Price Performance

The stock has a market capitalization of $211.41 million, a P/E ratio of -0.15 and a beta of 2.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.31 and a current ratio of 1.53. The business has a fifty day simple moving average of $7.22 and a 200-day simple moving average of $13.75.

Nikola (NASDAQ:NKLA) last issued its earnings results on Friday, August 9th. The company reported ($2.67) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.78) by $0.11. The company had revenue of $31.10 million for the quarter, compared to the consensus estimate of $26.19 million. The firm’s revenue was up 101.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($7.21) earnings per share.

Insider Transactions at Nikola

In related news, CEO Stephen J. Girsky sold 4,636 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total value of $35,929.00. Following the completion of the sale, the chief executive officer now directly owns 238,311 shares of the company’s stock, valued at approximately $1,846,910.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.74% of the company’s stock.

Institutional Trading of Nikola

Several hedge funds have recently bought and sold shares of NKLA. Charles Schwab Investment Management Inc. lifted its stake in shares of Nikola by 28.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock valued at $5,909,000 after buying an additional 1,512,542 shares in the last quarter. Victory Capital Management Inc. lifted its position in Nikola by 55.7% in the 4th quarter. Victory Capital Management Inc. now owns 123,022 shares of the company’s stock valued at $108,000 after acquiring an additional 43,985 shares in the last quarter. Capstone Investment Advisors LLC boosted its stake in Nikola by 368.1% during the 4th quarter. Capstone Investment Advisors LLC now owns 241,294 shares of the company’s stock valued at $211,000 after purchasing an additional 189,751 shares during the last quarter. Cantor Fitzgerald L. P. increased its holdings in Nikola by 817.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock worth $82,000 after purchasing an additional 83,081 shares in the last quarter. Finally, Krane Funds Advisors LLC increased its holdings in Nikola by 7.4% during the 4th quarter. Krane Funds Advisors LLC now owns 419,671 shares of the company’s stock worth $367,000 after purchasing an additional 29,016 shares in the last quarter. Institutional investors and hedge funds own 37.38% of the company’s stock.

About Nikola

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.