Nikola Co. (NASDAQ:NKLA) Sees Significant Growth in Short Interest

Nikola Co. (NASDAQ:NKLA) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 20,840,000 shares, an increase of 54.3% from the November 30th total of 13,510,000 shares. Currently, 25.7% of the shares of the company are sold short. Based on an average daily volume of 7,000,000 shares, the short-interest ratio is presently 3.0 days.

Nikola Price Performance

NASDAQ NKLA traded down $0.04 during trading hours on Monday, reaching $1.11. The company’s stock had a trading volume of 7,074,937 shares, compared to its average volume of 4,239,885. The firm has a market capitalization of $67.56 million, a price-to-earnings ratio of -0.08 and a beta of 1.92. The company’s 50-day moving average is $2.41 and its two-hundred day moving average is $5.72. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94. Nikola has a 1-year low of $1.08 and a 1-year high of $34.50.

Nikola (NASDAQ:NKLA) last announced its earnings results on Thursday, October 31st. The company reported ($2.75) earnings per share 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 business had revenue of $25.20 million for the quarter, compared to analyst estimates of $37.23 million. The firm’s revenue for the quarter was up 1382.4% on a year-over-year basis.

Hedge Funds Weigh In On Nikola

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its position in shares of Nikola by 11.5% in the third quarter. Geode Capital Management LLC now owns 524,731 shares of the company’s stock valued at $2,404,000 after acquiring an additional 53,966 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Nikola in the 2nd quarter valued at $2,214,000. SG Americas Securities LLC boosted its stake in Nikola by 137.9% during the 3rd quarter. SG Americas Securities LLC now owns 264,773 shares of the company’s stock worth $1,213,000 after purchasing an additional 153,494 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Nikola by 193.3% during the third quarter. Tidal Investments LLC now owns 140,523 shares of the company’s stock worth $644,000 after buying an additional 92,612 shares in the last quarter. Finally, Nantahala Capital Management LLC acquired a new stake in shares of Nikola in the second quarter valued at about $819,000. 37.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NKLA shares. DA Davidson decreased their price objective on Nikola from $12.00 to $4.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Bryan, Garnier & Co downgraded Nikola from a “buy” rating to a “neutral” rating in a report on Thursday, November 7th. TD Cowen dropped their price objective on shares of Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a research note on Friday, November 1st. Finally, Robert W. Baird cut their target price on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $12.00.

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.