Nikola Target of Unusually High Options Trading (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the recipient of some unusual options trading activity on Tuesday. Traders acquired 42,121 put options on the stock. This represents an increase of approximately 65% compared to the average daily volume of 25,517 put options.

Analyst Ratings Changes

A number of research firms recently weighed in on NKLA. TD Cowen decreased their target price on Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, November 1st. Robert W. Baird reduced their price target on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Bryan, Garnier & Co cut shares of Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Finally, DA Davidson lowered their target price on Nikola from $12.00 to $4.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $12.00.

Hedge Funds Weigh In On Nikola

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC increased its position in shares of Nikola by 137.9% during the third quarter. SG Americas Securities LLC now owns 264,773 shares of the company’s stock valued at $1,213,000 after acquiring an additional 153,494 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Nikola in the second quarter worth $2,214,000. Nantahala Capital Management LLC purchased a new position in shares of Nikola in the second quarter valued at $819,000. Sanctuary Advisors LLC bought a new stake in shares of Nikola in the 2nd quarter worth about $138,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Nikola during the second quarter worth $368,000. 37.38% of the stock is currently owned by hedge funds and other institutional investors.

Nikola Trading Down 9.2 %

Shares of NASDAQ NKLA opened at $1.67 on Wednesday. The firm has a fifty day simple moving average of $3.59 and a 200 day simple moving average of $7.62. Nikola has a twelve month low of $1.64 and a twelve month high of $34.50. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94.

Nikola (NASDAQ:NKLA) last released its quarterly earnings results on Thursday, October 31st. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.24) by ($0.51). The firm had revenue of $25.20 million for the quarter, compared to analysts’ expectations of $37.23 million. Nikola had a negative return on equity of 95.73% and a negative net margin of 840.44%. The business’s revenue was up 1382.4% compared to the same quarter last year.

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.