Nikola (NASDAQ:NKLA) Shares Down 1.4%

Shares of Nikola Co. (NASDAQ:NKLA) fell 1.4% on Wednesday . The company traded as low as $0.64 and last traded at $0.66. 28,306,615 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 98,857,578 shares. The stock had previously closed at $0.67.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NKLA. 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 on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $1.00 target price on shares of Nikola in a report on Tuesday, March 5th. Finally, Wolfe Research began coverage on Nikola in a report on Tuesday, April 9th. They issued a “peer perform” rating on the stock.

Nikola Trading Up 2.6 %

The company has a fifty day moving average price of $0.76 and a two-hundred day moving average price of $0.87. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.05. The firm had revenue of $11.53 million for the quarter, compared to analyst estimates of $14.52 million. During the same period in the previous year, the business posted ($0.46) EPS. Research analysts expect that Nikola Co. will post -0.44 EPS for the current year.

Insider Buying and Selling

In related news, insider Joseph R. Pike sold 75,162 shares of the firm’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 completion of the transaction, the insider now owns 429,790 shares in the company, valued at approximately $292,257.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank bought a new position in Nikola in the 4th quarter valued at $93,633,000. Vanguard Group Inc. raised its position in Nikola by 36.0% in the 4th quarter. Vanguard Group Inc. now owns 77,145,785 shares of the company’s stock valued at $67,487,000 after purchasing an additional 20,439,596 shares during the last quarter. BlackRock Inc. raised its position in Nikola by 81.2% in the 2nd quarter. BlackRock Inc. now owns 43,278,195 shares of the company’s stock valued at $59,724,000 after purchasing an additional 19,389,959 shares during the last quarter. State Street Corp raised its position in Nikola by 78.2% in the 2nd quarter. State Street Corp now owns 13,815,909 shares of the company’s stock valued at $19,066,000 after purchasing an additional 6,061,239 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Nikola by 67.6% in the 2nd quarter. Geode Capital Management LLC now owns 11,626,618 shares of the company’s stock valued at $16,045,000 after purchasing an additional 4,690,316 shares during the last quarter. 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.