Nikola (NASDAQ:NKLA) Trading 5.8% Higher

Shares of Nikola Co. (NASDAQ:NKLA) shot up 5.8% on Thursday . The stock traded as high as $0.68 and last traded at $0.68. 17,143,873 shares changed hands during trading, a decline of 83% from the average session volume of 98,210,844 shares. The stock had previously closed at $0.64.

Wall Street Analyst Weigh In

NKLA has been the topic of a number of research analyst reports. Robert W. Baird assumed coverage on shares of Nikola in a research note on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price target on the stock. DA Davidson restated a “neutral” rating and set a $1.00 price target on shares of Nikola in a research report on Tuesday, March 5th. Finally, Wolfe Research initiated coverage on Nikola in a report on Tuesday, April 9th. They issued a “peer perform” rating on the stock.

Nikola Price Performance

The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20. The firm’s 50 day moving average is $0.76 and its 200-day moving average is $0.87.

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

Insider Transactions at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $0.68, for a total value of $51,110.16. Following the completion of the sale, the insider now owns 429,790 shares of the company’s stock, valued at $292,257.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Nikola by 43.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock worth $8,230,000 after purchasing an additional 1,577,112 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Nikola by 5.9% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,369,619 shares of the company’s stock valued at $2,150,000 after acquiring an additional 75,880 shares during the period. Swiss National Bank lifted its holdings in shares of Nikola by 14.6% in the 3rd quarter. Swiss National Bank now owns 1,260,400 shares of the company’s stock worth $1,979,000 after acquiring an additional 160,700 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Nikola by 27.1% during the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock worth $89,029,000 after purchasing an additional 12,085,830 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Nikola by 39.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 594,018 shares of the company’s stock worth $933,000 after buying an additional 168,513 shares during the period. 37.38% of the stock is currently owned by institutional investors and hedge funds.

Nikola Company Profile

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.