Nikola Target of Unusually High Options Trading (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) saw some unusual options trading activity on Wednesday. Investors purchased 52,138 call options on the stock. This is an increase of 132% compared to the typical daily volume of 22,498 call options.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Nikola

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total transaction of $35,929.00. Following the transaction, the chief executive officer now owns 238,311 shares in the company, valued at approximately $1,846,910.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.74% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nikola

Institutional investors have recently made changes to their positions in the company. Unique Wealth Strategies LLC acquired a new stake in Nikola in the 2nd quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new stake in Nikola in the second quarter worth about $56,000. Sanctuary Advisors LLC bought a new position in Nikola in the 2nd quarter valued at about $138,000. Point72 DIFC Ltd acquired a new position in Nikola during the 2nd quarter valued at about $215,000. Finally, Krane Funds Advisors LLC increased its stake in Nikola by 7.4% during the 4th quarter. Krane Funds Advisors LLC now owns 419,671 shares of the company’s stock valued at $367,000 after buying an additional 29,016 shares during the period. 37.38% of the stock is currently owned by institutional investors.

Nikola Price Performance

NKLA stock traded up $0.82 on Wednesday, reaching $5.47. The company had a trading volume of 11,927,065 shares, compared to its average volume of 3,222,617. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.31 and a current ratio of 1.53. Nikola has a 1 year low of $4.10 and a 1 year high of $45.30. The company’s fifty day moving average is $6.72 and its 200 day moving average is $13.23. The company has a market cap of $247.10 million, a P/E ratio of -0.16 and a beta of 2.06.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data on Friday, August 9th. The company reported ($2.67) EPS for the quarter, beating analysts’ consensus estimates of ($2.78) by $0.11. The business had revenue of $31.10 million during the quarter, compared to analysts’ expectations of $26.19 million. During the same period in the prior year, the firm earned ($7.21) EPS. Nikola’s revenue for the quarter was up 101.9% on a year-over-year basis.

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.