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

Nikola Co. (NASDAQ:NKLA) saw unusually large options trading on Tuesday. Stock traders bought 45,057 call options on the stock. This represents an increase of 90% compared to the average volume of 23,667 call options.

Analyst Upgrades and Downgrades

NKLA has been the subject of several research reports. TD Cowen lowered their price target on shares of Nikola from $10.00 to $4.00 and set a “hold” rating for the company in a research report on Friday, November 1st. Robert W. Baird dropped their target price on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Bryan, Garnier & Co lowered Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Finally, DA Davidson decreased their price objective on Nikola from $12.00 to $4.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.00.

Institutional Investors Weigh In On Nikola

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Unique Wealth Strategies LLC acquired a new stake in shares of Nikola during the 2nd quarter valued at about $25,000. Barclays PLC grew its holdings in Nikola by 121.1% in the third quarter. Barclays PLC now owns 9,475 shares of the company’s stock valued at $43,000 after purchasing an additional 5,190 shares during the period. Summit Securities Group LLC acquired a new stake in Nikola in the second quarter valued at approximately $56,000. Sanctuary Advisors LLC purchased a new stake in shares of Nikola in the second quarter valued at approximately $138,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Nikola by 84.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,312 shares of the company’s stock worth $208,000 after buying an additional 20,723 shares during the period. Institutional investors and hedge funds own 37.38% of the company’s stock.

Nikola Stock Performance

Shares of NKLA opened at $1.96 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.94 and a current ratio of 1.17. The stock has a 50-day moving average of $3.84 and a two-hundred day moving average of $8.03. The stock has a market cap of $119.30 million, a P/E ratio of -0.14 and a beta of 2.07. Nikola has a one year low of $1.83 and a one year high of $34.50.

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