Nikola (NASDAQ:NKLA) Lowered to “Neutral” Rating by Bryan, Garnier & Co

Bryan, Garnier & Co lowered shares of Nikola (NASDAQ:NKLA) from a buy rating to a neutral rating in a research note released on Thursday morning, MarketBeat Ratings reports.

NKLA has been the subject of several other reports. TD Cowen reduced their price target on Nikola from $10.00 to $4.00 and set a “hold” rating for the company in a research report on Friday, November 1st. DA Davidson dropped their price objective on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Finally, Robert W. Baird decreased their price target on Nikola from $14.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $13.50.

Nikola Price Performance

NKLA traded down $0.07 during trading on Thursday, hitting $3.01. 2,604,928 shares of the company traded hands, compared to its average volume of 3,383,345. The stock’s 50-day simple moving average is $4.68 and its two-hundred day simple moving average is $9.62. Nikola has a 1 year low of $2.91 and a 1 year high of $34.80. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.94 and a current ratio of 1.17.

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

Institutional Trading of Nikola

Several hedge funds have recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC purchased a new stake in shares of Nikola in the 2nd quarter valued at about $25,000. Summit Securities Group LLC acquired a new stake in Nikola in the second quarter valued at $56,000. One Wealth Management Investment & Advisory Services LLC acquired a new position in Nikola during the third quarter worth about $110,000. ProShare Advisors LLC boosted its stake in shares of Nikola by 29.1% during the first quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock valued at $138,000 after acquiring an additional 29,904 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Nikola during the 2nd quarter valued at $138,000. 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.