Nikola (NASDAQ:NKLA) Stock Price Down 3.7%

Nikola Co. (NASDAQ:NKLA)’s share price traded down 3.7% during mid-day trading on Friday . The company traded as low as $8.02 and last traded at $8.23. 1,685,329 shares changed hands during trading, a decline of 46% from the average session volume of 3,107,967 shares. The stock had previously closed at $8.55.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NKLA. Bryan, Garnier & Co began coverage on shares of Nikola in a research note on Thursday, May 16th. They issued a “buy” rating and a $30.00 price objective on the stock. Wolfe Research assumed coverage on shares of Nikola in a research note on Tuesday, April 9th. They set a “peer perform” rating on the stock. Finally, DA Davidson reissued a “neutral” rating and set a $30.00 price objective on shares of Nikola in a research report on Wednesday, June 12th.

Nikola Trading Down 4.2 %

The stock has a 50 day moving average of $15.56 and a 200-day moving average of $20.32. The company has a market capitalization of $369.94 million, a P/E ratio of -0.26 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 (NASDAQ:NKLA) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($3.00) earnings per share for the quarter, hitting analysts’ consensus estimates of ($3.00). The firm had revenue of $7.50 million during the quarter, compared to the consensus estimate of $15.05 million.

Insiders Place Their Bets

In other Nikola news, CEO Stephen J. Girsky acquired 33,333 shares of the stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $16.20 per share, for a total transaction of $539,994.60. Following the completion of the transaction, the chief executive officer now directly owns 241,433 shares of the company’s stock, valued at $3,911,214.60. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.74% of the stock is currently owned by company insiders.

Institutional Trading of Nikola

Several institutional investors and hedge funds have recently added to or reduced their stakes in NKLA. Diversify Advisory Services LLC purchased a new stake in Nikola during the 1st quarter valued at approximately $43,000. Tower Research Capital LLC TRC grew its stake in Nikola by 162.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock valued at $43,000 after acquiring an additional 30,490 shares in the last quarter. Seaview Investment Managers LLC increased its holdings in Nikola by 78.3% in the 4th quarter. Seaview Investment Managers LLC now owns 68,333 shares of the company’s stock valued at $60,000 after acquiring an additional 30,000 shares during the last quarter. Cantor Fitzgerald L. P. lifted its stake in Nikola by 817.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock worth $82,000 after purchasing an additional 83,081 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Nikola by 55.7% during the 4th quarter. Victory Capital Management Inc. now owns 123,022 shares of the company’s stock valued at $108,000 after purchasing an additional 43,985 shares during the last quarter. Institutional investors 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.