Nikola (NASDAQ:NKLA) Given New $10.00 Price Target at Robert W. Baird

Nikola (NASDAQ:NKLA) had its price objective lowered by Robert W. Baird from $14.00 to $10.00 in a research report report published on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Separately, DA Davidson reduced their price target on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $13.50.

Nikola Price Performance

NKLA stock traded down $0.18 during midday trading on Friday, reaching $3.76. The stock had a trading volume of 4,707,508 shares, compared to its average volume of 4,168,441. Nikola has a 52-week low of $3.72 and a 52-week high of $38.40. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51. The company’s fifty day simple moving average is $4.98 and its 200 day simple moving average is $10.08. The company has a market cap of $189.99 million, a price-to-earnings ratio of -0.26 and a beta of 2.07.

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

Insider Activity at Nikola

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were 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 owns 238,311 shares of the company’s stock, valued at $1,846,910.25. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On Nikola

Hedge funds have recently bought and sold shares of the stock. Unique Wealth Strategies LLC acquired a new position in shares of Nikola during the second quarter worth $25,000. Summit Securities Group LLC purchased a new stake in Nikola during the 2nd quarter worth about $56,000. Sanctuary Advisors LLC purchased a new position in shares of Nikola in the 2nd quarter valued at about $138,000. Point72 DIFC Ltd acquired a new stake in shares of Nikola during the 2nd quarter worth about $215,000. Finally, Diversify Advisory Services LLC acquired a new position in Nikola in the first quarter valued at approximately $43,000. Institutional investors and hedge funds own 37.38% of the company’s stock.

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.