Traders Purchase High Volume of Nikola Put Options (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the target of unusually large options trading on Monday. Stock investors acquired 42,594 put options on the stock. This is an increase of 102% compared to the typical daily volume of 21,092 put options.

Nikola Stock Down 13.7 %

Shares of NASDAQ NKLA opened at $2.02 on Tuesday. The stock has a fifty day moving average price of $4.23 and a 200 day moving average price of $8.70. The company has a market cap of $122.95 million, a P/E ratio of -0.14 and a beta of 2.07. Nikola has a 12-month low of $1.92 and a 12-month high of $34.50. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.71.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Robert W. Baird lowered their price target on Nikola from $14.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. DA Davidson reduced their price objective on Nikola from $12.00 to $4.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. Bryan, Garnier & Co downgraded shares of Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Finally, TD Cowen cut their price target on shares of Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, November 1st. 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 company currently has an average rating of “Hold” and an average price target of $12.00.

Institutional Trading of Nikola

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Nikola by 4.0% in the first quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock valued at $83,473,000 after purchasing an additional 3,117,074 shares during the period. Virtu Financial LLC acquired a new position in Nikola in the 1st quarter worth $1,161,000. Bayesian Capital Management LP lifted its holdings in Nikola by 207.0% in the 1st quarter. Bayesian Capital Management LP now owns 496,800 shares of the company’s stock worth $517,000 after buying an additional 335,000 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Nikola in the 2nd quarter valued at about $2,214,000. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Nikola by 312.1% during the first quarter. CANADA LIFE ASSURANCE Co now owns 310,995 shares of the company’s stock valued at $321,000 after acquiring an additional 235,531 shares in the last quarter. Institutional investors and hedge funds 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.