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

Nikola Co. (NASDAQ:NKLA) was the target of unusually large options trading on Friday. Stock investors acquired 75,258 call options on the company. This represents an increase of approximately 88% compared to the typical daily volume of 40,111 call options.

Nikola Stock Performance

NASDAQ NKLA opened at $1.15 on Friday. The firm has a market capitalization of $70.00 million, a P/E ratio of -0.08 and a beta of 1.92. The stock has a 50-day simple moving average of $2.41 and a two-hundred day simple moving average of $5.85. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.94 and a current ratio of 1.17. Nikola has a fifty-two week low of $1.08 and a fifty-two week high of $34.50.

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

Institutional Investors Weigh In On Nikola

Several hedge funds have recently modified their holdings of NKLA. Barclays PLC increased its stake in shares of Nikola by 121.1% in the 3rd quarter. Barclays PLC now owns 9,475 shares of the company’s stock valued at $43,000 after purchasing an additional 5,190 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Nikola during the 2nd quarter valued at approximately $138,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Nikola by 84.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,312 shares of the company’s stock valued at $208,000 after acquiring an additional 20,723 shares during the period. One Wealth Management Investment & Advisory Services LLC purchased a new stake in Nikola in the 3rd quarter worth $110,000. Finally, Point72 DIFC Ltd purchased a new stake in Nikola in the 2nd quarter worth $215,000. 37.38% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.