Van ECK Associates Corp Boosts Stake in Nikola Co. (NASDAQ:NKLA)

Van ECK Associates Corp lifted its stake in shares of Nikola Co. (NASDAQ:NKLA) by 121.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 750,749 shares of the company’s stock after buying an additional 410,974 shares during the quarter. Van ECK Associates Corp’s holdings in Nikola were worth $893,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NKLA. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Nikola by 80.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 76,434 shares of the company’s stock worth $328,000 after purchasing an additional 34,193 shares during the last quarter. One Wealth Management Investment & Advisory Services LLC bought a new position in shares of Nikola during the third quarter worth about $110,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nikola by 84.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,312 shares of the company’s stock worth $208,000 after purchasing an additional 20,723 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Nikola during the third quarter worth about $336,000. Finally, XTX Topco Ltd acquired a new stake in Nikola during the third quarter worth about $326,000. Institutional investors own 37.38% of the company’s stock.

Analyst Upgrades and Downgrades

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

Nikola Trading Down 13.7 %

Nikola stock opened at $0.38 on Friday. The company has a 50 day moving average price of $0.99 and a 200 day moving average price of $3.28. Nikola Co. has a 52 week low of $0.35 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 $23.13 million, a price-to-earnings ratio of -0.03 and a beta of 1.97.

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.