Nikola (NASDAQ:NKLA) Trading Down 2.1%

Nikola Co. (NASDAQ:NKLA) fell 2.1% during mid-day trading on Tuesday . The company traded as low as $4.68 and last traded at $4.68. 2,548,889 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 3,150,846 shares. The stock had previously closed at $4.78.

Wall Street Analyst Weigh In

Separately, DA Davidson lowered their target price 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.

Nikola Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 1.53 and a quick ratio of 1.31. The firm has a market cap of $211.41 million, a P/E ratio of -0.15 and a beta of 2.08. The company’s 50-day moving average is $7.22 and its two-hundred day moving average is $13.75.

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

Insider Activity

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total transaction of $35,929.00. Following the completion of the transaction, the chief executive officer now owns 238,311 shares of the company’s stock, valued at $1,846,910.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.74% of the company’s stock.

Institutional Trading of Nikola

A number of hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp grew its holdings in Nikola by 65.4% during the 1st quarter. Van ECK Associates Corp now owns 10,695,472 shares of the company’s stock worth $11,123,000 after acquiring an additional 4,229,114 shares during the last quarter. Vanguard Group Inc. increased its holdings in Nikola by 4.0% in the first quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock valued at $83,473,000 after purchasing an additional 3,117,074 shares during the period. SG Americas Securities LLC raised its position in Nikola by 90.3% during the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock worth $3,965,000 after purchasing an additional 1,809,074 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Nikola by 28.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock worth $5,909,000 after buying an additional 1,512,542 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Nikola in the 1st quarter valued at about $1,161,000. 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.