Nikola (NASDAQ:NKLA) Trading Down 28.7% – Here’s What Happened

Nikola Co. (NASDAQ:NKLAGet Free Report) was down 28.7% during mid-day trading on Monday . The stock traded as low as $0.18 and last traded at $0.18. Approximately 36,658,847 shares were traded during trading, an increase of 355% from the average daily volume of 8,059,284 shares. The stock had previously closed at $0.26.

Nikola Stock Down 28.7 %

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94. The firm’s 50-day simple moving average is $0.66 and its two-hundred day simple moving average is $2.39. The company has a market capitalization of $11.14 million, a price-to-earnings ratio of -0.01 and a beta of 1.97.

Hedge Funds Weigh In On Nikola

Institutional investors and hedge funds have recently modified their holdings of the company. Toronto Dominion Bank purchased a new position in Nikola during the fourth quarter worth approximately $5,278,000. Norges Bank purchased a new position in Nikola during the fourth quarter worth approximately $4,219,000. Van ECK Associates Corp raised its stake in shares of Nikola by 121.0% in the 4th quarter. Van ECK Associates Corp now owns 750,749 shares of the company’s stock valued at $893,000 after acquiring an additional 410,974 shares during the period. Geode Capital Management LLC raised its stake in shares of Nikola by 14.3% in the 4th quarter. Geode Capital Management LLC now owns 599,838 shares of the company’s stock valued at $714,000 after acquiring an additional 75,107 shares during the period. Finally, XTX Topco Ltd raised its stake in shares of Nikola by 711.6% in the 4th quarter. XTX Topco Ltd now owns 578,413 shares of the company’s stock valued at $688,000 after acquiring an additional 507,141 shares during the period. Hedge funds and other institutional investors own 37.38% of the company’s stock.

Nikola Company Profile

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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.

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