Traders Buy Large Volume of Nikola Put Options (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the target of some unusual options trading on Tuesday. Traders purchased 42,121 put options on the stock. This is an increase of 65% compared to the typical volume of 25,517 put options.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Nikola

A number of institutional investors and hedge funds have recently bought and sold shares of NKLA. Unique Wealth Strategies LLC purchased a new position in shares of Nikola in the 2nd quarter valued at $25,000. Barclays PLC increased its holdings in shares of Nikola by 121.1% in the 3rd quarter. Barclays PLC now owns 9,475 shares of the company’s stock valued at $43,000 after acquiring an additional 5,190 shares during the period. Summit Securities Group LLC purchased a new position in shares of Nikola in the 2nd quarter valued at $56,000. Sanctuary Advisors LLC purchased a new position in shares of Nikola in the 2nd quarter valued at $138,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Nikola by 84.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,312 shares of the company’s stock valued at $208,000 after acquiring an additional 20,723 shares during the period. 37.38% of the stock is owned by institutional investors.

Nikola Price Performance

Shares of NKLA stock opened at $1.76 on Thursday. Nikola has a 52-week low of $1.64 and a 52-week high of $34.50. 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 firm has a market capitalization of $107.13 million, a P/E ratio of -0.12 and a beta of 1.92. The stock has a 50 day moving average price of $3.53 and a 200 day moving average price of $7.51.

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

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.