DA Davidson Lowers Nikola (NASDAQ:NKLA) Price Target to $4.00

Nikola (NASDAQ:NKLA) had its target price lowered by research analysts at DA Davidson from $12.00 to $4.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price target suggests a potential upside of 28.62% from the company’s current price.

Several other brokerages have also commented on NKLA. Robert W. Baird dropped their price objective on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Bryan, Garnier & Co lowered shares of Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Finally, TD Cowen reduced their target price on shares of Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a research note on Friday, November 1st. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.00.

Nikola Trading Down 4.3 %

Shares of NASDAQ NKLA opened at $3.11 on Monday. The stock has a market capitalization of $189.30 million, a P/E ratio of -0.22 and a beta of 2.07. The business has a fifty day moving average price of $4.48 and a 200 day moving average price of $9.16. Nikola has a 1-year low of $2.91 and a 1-year high of $34.80. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Thursday, October 31st. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.51). Nikola had a negative return on equity of 95.73% and a negative net margin of 840.44%. The firm had revenue of $25.20 million for the quarter, compared to analyst estimates of $37.23 million. The firm’s quarterly revenue was up 1382.4% on a year-over-year basis.

Hedge Funds Weigh In On Nikola

Several institutional investors have recently added to or reduced their stakes in the stock. Unique Wealth Strategies LLC purchased a new position in Nikola during the second quarter worth about $25,000. Summit Securities Group LLC purchased a new position in shares of Nikola in the second quarter valued at $56,000. Sanctuary Advisors LLC purchased a new stake in shares of Nikola in the 2nd quarter worth about $138,000. One Wealth Management Investment & Advisory Services LLC acquired a new stake in Nikola in the 3rd quarter valued at about $110,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Nikola during the 2nd quarter worth approximately $215,000. Institutional investors and hedge funds 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.