Nikola (NASDAQ:NKLA) Shares Set to Reverse Split on Tuesday, June 25th

Shares of Nikola Co. (NASDAQ:NKLA) are going to reverse split on Tuesday, June 25th. The 1-30 reverse split was announced on Tuesday, June 25th. The number of shares owned by shareholders will be adjusted after the closing bell on Tuesday, June 25th.

Nikola Price Performance

Shares of NKLA stock opened at $0.36 on Friday. The stock has a market capitalization of $484.56 million, a price-to-earnings ratio of -0.34 and a beta of 2.11. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.46. Nikola has a twelve month low of $0.32 and a twelve month high of $3.71. The stock has a fifty day simple moving average of $0.55 and a two-hundred day simple moving average of $0.70.

Nikola (NASDAQ:NKLA) last issued its earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). The business had revenue of $7.50 million for the quarter, compared to the consensus estimate of $15.05 million. On average, analysts predict that Nikola will post -0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NKLA. Bryan, Garnier & Co initiated coverage on Nikola in a research note on Thursday, May 16th. They set a “buy” rating and a $1.00 price objective for the company. DA Davidson reiterated a “neutral” rating and set a $1.00 price objective on shares of Nikola in a report on Wednesday, June 12th. Finally, Wolfe Research initiated coverage on Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating on the stock.

Insiders Place Their Bets

In other news, CEO Stephen J. Girsky bought 1,000,000 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average cost of $0.54 per share, with a total value of $540,000.00. Following the transaction, the chief executive officer now directly owns 7,243,005 shares in the company, valued at $3,911,222.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On Nikola

Hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in shares of Nikola during the first quarter worth $1,161,000. Tidal Investments LLC lifted its holdings in shares of Nikola by 32.4% in the 1st quarter. Tidal Investments LLC now owns 744,821 shares of the company’s stock valued at $775,000 after buying an additional 182,132 shares during the period. California State Teachers Retirement System grew its holdings in Nikola by 3.1% during the first quarter. California State Teachers Retirement System now owns 1,063,199 shares of the company’s stock worth $1,106,000 after acquiring an additional 32,266 shares during the period. Bayesian Capital Management LP raised its position in Nikola by 207.0% during the first quarter. Bayesian Capital Management LP now owns 496,800 shares of the company’s stock valued at $517,000 after acquiring an additional 335,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Nikola by 39.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 210,724 shares of the company’s stock valued at $220,000 after acquiring an additional 59,098 shares during the period. Institutional investors and hedge funds own 37.38% of the company’s stock.

About Nikola

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.