Nikola (NASDAQ:NKLA) Shares Gap Down to $0.64

Nikola Co. (NASDAQ:NKLA)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $0.64, but opened at $0.61. Nikola shares last traded at $0.59, with a volume of 36,444,102 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wolfe Research assumed coverage on Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating for the company. DA Davidson reissued a “neutral” rating and issued a $1.00 price target on shares of Nikola in a research note on Tuesday, March 5th. Finally, Robert W. Baird assumed coverage on Nikola in a report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price objective on the stock.

Nikola Price Performance

The business’s 50 day moving average price is $0.73 and its 200-day moving average price is $0.81. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20. The firm has a market capitalization of $781.16 million, a PE ratio of -0.46 and a beta of 2.10.

Nikola (NASDAQ:NKLA) last announced its earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $11.53 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the previous year, the firm earned ($0.46) EPS. As a group, equities research analysts forecast that Nikola Co. will post -0.44 earnings per share for the current year.

Insider Activity at Nikola

In other news, insider Joseph R. Pike sold 75,162 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $0.68, for a total transaction of $51,110.16. Following the sale, the insider now owns 429,790 shares of the company’s stock, valued at $292,257.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.74% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NKLA. Norges Bank acquired a new stake in Nikola in the 4th quarter valued at about $93,633,000. Vanguard Group Inc. raised its holdings in Nikola by 27.1% in the third quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock valued at $89,029,000 after acquiring an additional 12,085,830 shares in the last quarter. Van ECK Associates Corp lifted its stake in 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 acquiring an additional 4,229,114 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in 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 acquiring an additional 1,512,542 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 valued at $4,832,000 after buying an additional 454,804 shares during the last quarter. 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.