Nantahala Capital Management LLC Acquires New Stake in Nikola Co. (NASDAQ:NKLA)

Nantahala Capital Management LLC acquired a new stake in Nikola Co. (NASDAQ:NKLA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 99,999 shares of the company’s stock, valued at approximately $819,000. Nantahala Capital Management LLC owned 0.20% of Nikola as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new stake in Nikola in the 2nd quarter valued at approximately $25,000. Diversify Advisory Services LLC purchased a new position in Nikola in the first quarter worth $43,000. Summit Securities Group LLC acquired a new stake in Nikola in the second quarter valued at $56,000. Cantor Fitzgerald L. P. boosted its position in shares of Nikola by 817.5% during the 4th quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock worth $82,000 after purchasing an additional 83,081 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Nikola by 29.1% in the 1st quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock valued at $138,000 after purchasing an additional 29,904 shares in the last quarter. Institutional investors and hedge funds own 37.38% of the company’s stock.

Insider Transactions at Nikola

In related 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 owns 238,311 shares in the company, valued at $1,846,910.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, DA Davidson reduced their price target on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, August 12th.

Nikola Stock Performance

NASDAQ:NKLA opened at $4.58 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $231.75 million, a P/E ratio of -0.14 and a beta of 2.08. The firm has a 50-day moving average price of $6.83 and a two-hundred day moving average price of $13.33. Nikola Co. has a twelve month low of $4.10 and a twelve month high of $47.25.

Nikola (NASDAQ:NKLA) last released its quarterly earnings results on Friday, August 9th. The company reported ($2.67) earnings per share for the quarter, topping the consensus estimate of ($2.78) by $0.11. The company had revenue of $31.10 million for the quarter, compared to analysts’ expectations of $26.19 million. The business’s quarterly revenue was up 101.9% on a year-over-year basis. During the same period in the previous year, the business posted ($7.21) EPS.

Nikola 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.