Nikola (NASDAQ:NKLA) Stock Price Up 5.8%

Nikola Co. (NASDAQ:NKLA)’s stock price shot up 5.8% during trading on Friday . The company traded as high as $0.67 and last traded at $0.65. 46,453,815 shares were traded during mid-day trading, a decline of 51% from the average session volume of 94,297,789 shares. The stock had previously closed at $0.61.

Analyst Upgrades and Downgrades

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

Nikola Price Performance

The company has a market cap of $891.69 million, a price-to-earnings ratio of -0.51 and a beta of 2.10. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37. The company has a fifty day moving average price of $0.74 and a two-hundred day moving average price of $0.82.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.05. The business had revenue of $11.53 million during the quarter, compared to the consensus estimate of $14.52 million. During the same period last year, the firm earned ($0.46) EPS. As a group, equities research analysts anticipate that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Activity at Nikola

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the stock in a transaction 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 completion of the transaction, the insider now directly owns 429,790 shares in the company, valued at $292,257.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.00% of the stock is owned by insiders.

Institutional Trading of Nikola

Hedge funds have recently modified their holdings of the company. Itau Unibanco Holding S.A. raised its holdings in shares of Nikola by 7.3% in the third quarter. Itau Unibanco Holding S.A. now owns 159,347 shares of the company’s stock valued at $250,000 after buying an additional 10,808 shares during the last quarter. Amalgamated Bank lifted its position in shares of Nikola by 30.4% during the third quarter. Amalgamated Bank now owns 62,140 shares of the company’s stock worth $98,000 after purchasing an additional 14,495 shares in the last quarter. Capital Wealth Alliance LLC bought a new stake in shares of Nikola during the third quarter valued at approximately $25,000. Victory Capital Management Inc. increased its holdings in shares of Nikola by 30.0% in the third quarter. Victory Capital Management Inc. now owns 79,037 shares of the company’s stock valued at $124,000 after purchasing an additional 18,241 shares in the last quarter. Finally, Silicon Valley Capital Partners bought a new position in Nikola in the 3rd quarter worth approximately $30,000. 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.