Nikola (NASDAQ:NKLA) Shares Up 1.5%

Nikola Co. (NASDAQ:NKLA)’s stock price shot up 1.5% on Friday . The company traded as high as $0.62 and last traded at $0.61. 34,302,300 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 95,388,992 shares. The stock had previously closed at $0.60.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NKLA. DA Davidson reissued a “neutral” rating and issued a $1.00 target price on shares of Nikola in a report on Tuesday, March 5th. Wolfe Research began coverage on Nikola in a report on Tuesday, April 9th. They issued a “peer perform” rating for the company. Finally, Robert W. Baird began coverage on Nikola in a report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 target price for the company.

Nikola Trading Up 7.2 %

The stock has a market cap of $859.33 million, a PE ratio of -0.48 and a beta of 1.99. The business has a 50-day moving average of $0.75 and a 200 day moving average of $0.85. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20.

Nikola (NASDAQ:NKLA) last issued its earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $11.53 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter in the previous year, the firm posted ($0.46) EPS. Equities research analysts predict that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total transaction of $51,110.16. Following the sale, the insider now directly owns 429,790 shares of the company’s stock, valued at approximately $292,257.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 10.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Krane Funds Advisors LLC grew its stake in shares of Nikola by 7.4% in the fourth quarter. Krane Funds Advisors LLC now owns 419,671 shares of the company’s stock worth $367,000 after purchasing an additional 29,016 shares in the last quarter. Cantor Fitzgerald L. P. lifted its holdings in shares of Nikola by 817.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock valued at $82,000 after buying an additional 83,081 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Nikola by 162.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock valued at $43,000 after buying an additional 30,490 shares during the period. Capstone Investment Advisors LLC lifted its holdings in shares of Nikola by 368.1% in the fourth quarter. Capstone Investment Advisors LLC now owns 241,294 shares of the company’s stock valued at $211,000 after buying an additional 189,751 shares during the period. Finally, Norges Bank acquired a new stake in shares of Nikola in the fourth quarter valued at $93,633,000. 37.38% of the stock is currently owned by institutional investors.

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.