Nikola (NASDAQ:NKLA) Shares Gap Down to $1.03

Nikola Co. (NASDAQ:NKLAGet Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $1.03, but opened at $0.95. Nikola shares last traded at $0.93, with a volume of 32,959,529 shares trading hands.

Wall Street Analysts Forecast Growth

NKLA has been the subject of several research reports. DA Davidson reaffirmed a “neutral” rating and set a $1.00 price objective on shares of Nikola in a research note on Tuesday, March 5th. Robert W. Baird initiated coverage on shares of Nikola in a research note on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price target for the company.

Get Our Latest Research Report on Nikola

Nikola Trading Down 8.4 %

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 company’s 50-day simple moving average is $0.74 and its 200-day simple moving average is $0.92.

Nikola (NASDAQ:NKLAGet Free Report) last announced 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. The company had revenue of $11.53 million during the quarter, compared to analyst estimates of $14.52 million. During the same quarter last year, the business earned ($0.46) EPS. On average, research analysts forecast that Nikola Co. will post -0.44 EPS for the current year.

Insider Buying and Selling at Nikola

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the firm’s 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 transaction, the insider now owns 429,790 shares of the company’s stock, valued at approximately $292,257.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 10.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Large investors have recently made changes to their positions in the business. Quantbot Technologies LP bought a new position in shares of Nikola during the 1st quarter valued at about $29,000. Captrust Financial Advisors boosted its holdings in shares of Nikola by 97.2% in the first quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock worth $50,000 after buying an additional 2,296 shares during the period. Marshall Wace LLP acquired a new position in shares of Nikola in the fourth quarter worth about $25,000. Beacon Pointe Advisors LLC acquired a new position in shares of Nikola in the first quarter worth about $134,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Nikola by 577.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,302 shares of the company’s stock worth $163,000 after buying an additional 13,044 shares during the period. Institutional investors own 37.38% of the company’s stock.

About Nikola

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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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