Nikola (NASDAQ:NKLA) Trading Up 0.9%

Nikola Co. (NASDAQ:NKLA) shares were up 0.9% during trading on Monday . The company traded as high as $6.71 and last traded at $6.63. Approximately 2,022,800 shares changed hands during trading, a decline of 37% from the average daily volume of 3,230,459 shares. The stock had previously closed at $6.57.

Analyst Ratings Changes

Several analysts have commented on NKLA shares. Bryan, Garnier & Co began coverage on Nikola in a research note on Thursday, May 16th. They issued a “buy” rating and a $30.00 price target on the stock. DA Davidson cut their target price on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th.

Nikola Price Performance

The company’s 50 day simple moving average is $8.45 and its 200 day simple moving average is $15.59. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.53 and a quick ratio of 1.31. The stock has a market cap of $335.48 million, a P/E ratio of -0.21 and a beta of 2.08.

Nikola (NASDAQ:NKLA) last released 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 firm had revenue of $31.10 million during the quarter, compared to the consensus estimate of $26.19 million. Nikola’s quarterly revenue was up 101.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($7.21) EPS.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Nikola

A number of large investors have recently added to or reduced their stakes in NKLA. Nantahala Capital Management LLC bought a new stake in shares of Nikola in the second quarter valued at about $819,000. Susquehanna Fundamental Investments LLC acquired a new stake in Nikola in the 2nd quarter valued at approximately $368,000. Cubist Systematic Strategies LLC bought a new stake in Nikola in the 2nd quarter valued at approximately $2,214,000. Point72 DIFC Ltd acquired a new position in Nikola during the 2nd quarter worth approximately $215,000. Finally, Summit Securities Group LLC bought a new position in shares of Nikola during the 2nd quarter worth approximately $56,000. Institutional investors own 37.38% of the company’s stock.

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.