Nikola Co. (NASDAQ:NKLA) Short Interest Update

Nikola Co. (NASDAQ:NKLA) saw a large drop in short interest in October. As of October 15th, there was short interest totalling 13,030,000 shares, a drop of 16.1% from the September 30th total of 15,530,000 shares. Currently, 27.9% of the shares of the company are sold short. Based on an average daily volume of 2,950,000 shares, the short-interest ratio is currently 4.4 days.

Wall Street Analysts Forecast Growth

Separately, DA Davidson dropped their price objective on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, August 12th.

Insider Buying and Selling

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the company’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 transaction of $35,929.00. Following the transaction, the chief executive officer now owns 238,311 shares in the company, valued at approximately $1,846,910.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Unique Wealth Strategies LLC purchased a new position in Nikola in the 2nd quarter valued at $25,000. Summit Securities Group LLC acquired a new stake in shares of Nikola in the second quarter valued at about $56,000. Sanctuary Advisors LLC purchased a new position in shares of Nikola in the second quarter worth about $138,000. Point72 DIFC Ltd purchased a new position in shares of Nikola in the second quarter worth about $215,000. Finally, ProShare Advisors LLC boosted its position in Nikola by 29.1% during the first quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock worth $138,000 after acquiring an additional 29,904 shares during the last quarter. Institutional investors and hedge funds own 37.38% of the company’s stock.

Nikola Stock Performance

NASDAQ NKLA traded down $0.15 during mid-day trading on Wednesday, reaching $4.23. 5,326,796 shares of the stock were exchanged, compared to its average volume of 3,322,691. Nikola has a 1 year low of $3.72 and a 1 year high of $38.40. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.31 and a current ratio of 1.53. The business’s 50 day moving average is $5.12 and its 200-day moving average is $10.23. The company has a market capitalization of $214.03 million, a P/E ratio of -0.17 and a beta of 2.06.

Nikola (NASDAQ:NKLA) last posted its earnings results on Friday, August 9th. The company reported ($2.67) EPS for the quarter, beating analysts’ consensus estimates of ($2.78) by $0.11. The business had revenue of $31.10 million for the quarter, compared to analyst estimates of $26.19 million. During the same quarter last year, the business earned ($7.21) earnings per share. Nikola’s revenue was up 101.9% on a year-over-year basis.

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.