Nikola (NASDAQ:NKLA) Trading Up 8%

Shares of Nikola Co. (NASDAQ:NKLA) were up 8% on Wednesday . The stock traded as high as $8.97 and last traded at $8.68. Approximately 2,593,316 shares were traded during trading, a decline of 19% from the average daily volume of 3,216,903 shares. The stock had previously closed at $8.04.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NKLA shares. Wolfe Research started coverage on Nikola in a report on Tuesday, April 9th. They set a “peer perform” rating for the company. DA Davidson reiterated a “neutral” rating and issued a $30.00 price objective on shares of Nikola in a report on Wednesday, June 12th. Finally, Bryan, Garnier & Co started coverage on Nikola in a report on Thursday, May 16th. They issued a “buy” rating and a $30.00 price objective for the company.

Nikola Trading Up 1.5 %

The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.46. The firm has a fifty day simple moving average of $15.11 and a two-hundred day simple moving average of $20.02. The firm has a market cap of $368.59 million, a PE ratio of -0.27 and a beta of 2.09.

Nikola (NASDAQ:NKLA) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($3.00) earnings per share for the quarter, hitting the consensus estimate of ($3.00). The business had revenue of $7.50 million during the quarter, compared to analysts’ expectations of $15.05 million.

Insider Activity at Nikola

In other news, CEO Stephen J. Girsky purchased 33,333 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $16.20 per share, for a total transaction of $539,994.60. Following the completion of the transaction, the chief executive officer now directly owns 241,433 shares of the company’s stock, valued at approximately $3,911,214.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.74% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NKLA. Norges Bank purchased a new position in shares of Nikola in the fourth quarter worth $93,633,000. Vanguard Group Inc. raised its stake in shares of Nikola by 4.0% in the first 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. Van ECK Associates Corp raised its stake in shares of Nikola by 65.4% in the first quarter. Van ECK Associates Corp now owns 10,695,472 shares of the company’s stock worth $11,123,000 after purchasing an additional 4,229,114 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Nikola by 28.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock worth $5,909,000 after purchasing an additional 1,512,542 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Nikola by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,646,363 shares of the company’s stock worth $4,832,000 after purchasing an additional 454,804 shares during 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.