Nikola (NASDAQ:NKLA) Shares Down 2.6%

Nikola Co. (NASDAQ:NKLA)’s share price traded down 2.6% during mid-day trading on Tuesday . The company traded as low as $0.71 and last traded at $0.72. 12,194,470 shares traded hands during trading, a decline of 86% from the average session volume of 88,672,266 shares. The stock had previously closed at $0.74.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. DA Davidson restated a “neutral” rating and set a $1.00 target price on shares of Nikola in a research report on Tuesday, March 5th. Robert W. Baird assumed coverage on Nikola in a research note on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price target for the company.

Nikola Price Performance

The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.37. The firm has a fifty day moving average price of $0.70 and a 200 day moving average price of $0.92.

Nikola (NASDAQ:NKLA) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.05. Nikola had a negative return on equity of 122.20% and a negative net margin of 1,475.52%. The company had revenue of $11.53 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the prior year, the firm posted ($0.46) EPS. On average, sell-side analysts forecast that Nikola Co. will post -0.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Joseph R. Pike sold 75,162 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total value of $51,110.16. Following the completion of the transaction, the insider now owns 429,790 shares of the company’s stock, valued at $292,257.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Nikola

Institutional investors have recently modified their holdings of the company. Capital Wealth Alliance LLC acquired a new position in shares of Nikola during the third quarter worth approximately $25,000. Marshall Wace LLP purchased a new stake in Nikola in the 4th quarter valued at $25,000. Wexford Capital LP purchased a new stake in Nikola in the 4th quarter valued at $25,000. Banque Pictet & Cie SA purchased a new stake in Nikola in the 3rd quarter valued at $27,000. Finally, Quantbot Technologies LP purchased a new stake in Nikola in the 1st quarter valued at $29,000. 37.38% of the stock is owned by institutional investors and hedge funds.

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.