Robert W. Baird Cuts Nikola (NASDAQ:NKLA) Price Target to $10.00

Nikola (NASDAQ:NKLA) had its price objective cut by Robert W. Baird from $14.00 to $10.00 in a report issued on Friday morning, Benzinga reports. They currently have an outperform rating on the stock.

Separately, DA Davidson cut their price target on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $13.50.

Nikola Price Performance

Shares of NKLA opened at $3.76 on Friday. 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 stock’s 50 day moving average is $4.98 and its two-hundred day moving average is $10.01. Nikola has a twelve month low of $3.72 and a twelve month high of $38.40. The firm has a market capitalization of $190.24 million, a PE ratio of -0.26 and a beta of 2.07.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings results on Friday, August 9th. The company reported ($2.67) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.78) by $0.11. The firm had revenue of $31.10 million for the quarter, compared to the consensus estimate of $26.19 million. Nikola had a negative return on equity of 86.68% and a negative net margin of 840.44%. The company’s revenue for the quarter was up 101.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($7.21) earnings per share.

Insider Buying and Selling

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total value of $35,929.00. Following the sale, the chief executive officer now owns 238,311 shares of the company’s stock, valued at approximately $1,846,910.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.74% of the stock is currently owned by insiders.

Institutional Trading of Nikola

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Nikola by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock worth $83,473,000 after purchasing an additional 3,117,074 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Nikola by 90.3% in the first quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock worth $3,965,000 after acquiring an additional 1,809,074 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Nikola in the first quarter valued at $1,161,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Nikola by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,646,363 shares of the company’s stock valued at $4,832,000 after acquiring an additional 454,804 shares during the last quarter. Finally, Capstone Investment Advisors LLC increased its position in Nikola by 142.3% during the 1st quarter. Capstone Investment Advisors LLC now owns 584,567 shares of the company’s stock worth $608,000 after purchasing an additional 343,273 shares in the last quarter. Hedge funds and other 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.