TD Cowen Lowers Nikola (NASDAQ:NKLA) Price Target to $4.00

Nikola (NASDAQ:NKLA) had its price objective dropped by research analysts at TD Cowen from $10.00 to $4.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s target price suggests a potential upside of 6.52% from the stock’s current price.

NKLA has been the topic of a number of other research reports. Robert W. Baird lowered their price target on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday. DA Davidson dropped their price target on Nikola from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, August 12th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.50.

Nikola Trading Down 4.5 %

Shares of NKLA stock opened at $3.76 on Friday. The business’s fifty day moving average price is $4.98 and its 200 day moving average price is $10.01. The firm has a market capitalization of $189.99 million, a PE ratio of -0.26 and a beta of 2.07. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.53 and a quick ratio of 1.31. Nikola has a 1-year low of $3.72 and a 1-year high of $38.40.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings results on Friday, August 9th. The company reported ($2.67) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.78) by $0.11. The business had revenue of $31.10 million for the quarter, compared to analysts’ expectations of $26.19 million. Nikola had a negative net margin of 840.44% and a negative return on equity of 86.68%. The business’s revenue for the quarter was up 101.9% on a year-over-year basis. During the same period in the prior year, the company posted ($7.21) EPS.

Insider Buying and Selling at Nikola

In other news, CEO Stephen J. Girsky sold 4,636 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total value of $35,929.00. Following the completion of the transaction, the chief executive officer now directly owns 238,311 shares of the company’s stock, valued at $1,846,910.25. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC purchased a new position in shares of Nikola during the second quarter valued at approximately $25,000. Summit Securities Group LLC acquired a new stake in shares of Nikola during the second quarter worth $56,000. Sanctuary Advisors LLC purchased a new stake in shares of Nikola in the second quarter valued at $138,000. Point72 DIFC Ltd acquired a new position in Nikola in the second quarter valued at $215,000. Finally, Diversify Advisory Services LLC purchased a new position in Nikola during the first quarter worth about $43,000. 37.38% of the stock is currently owned by hedge funds and other institutional investors.

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.