Nikola (NASDAQ:NKLA) Trading Up 2%

Shares of Nikola Co. (NASDAQ:NKLA) traded up 2% during mid-day trading on Tuesday . The company traded as high as $0.77 and last traded at $0.76. 38,413,276 shares changed hands during trading, a decline of 57% from the average session volume of 89,044,984 shares. The stock had previously closed at $0.74.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on NKLA shares. Robert W. Baird initiated coverage on Nikola in a report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price target for the company. DA Davidson reiterated a “neutral” rating and issued a $1.00 target price on shares of Nikola in a research note on Tuesday, March 5th.

Nikola Trading Up 11.7 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.20 and a quick ratio of 1.96. The company’s 50-day moving average is $0.70 and its two-hundred day moving average is $0.92.

Nikola (NASDAQ:NKLA) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. Nikola had a negative return on equity of 122.20% and a negative net margin of 1,475.52%. The firm had revenue of $11.53 million during the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the prior year, the firm posted ($0.46) earnings per share. As a group, sell-side analysts predict that Nikola Co. will post -0.44 earnings per share for the current year.

Insider Transactions at Nikola

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of Nikola stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total value of $51,110.16. Following the completion of the sale, the insider now owns 429,790 shares of the company’s stock, valued at approximately $292,257.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 10.00% of the company’s stock.

Hedge Funds Weigh In On Nikola

Institutional investors have recently bought and sold shares of the stock. Captrust Financial Advisors boosted its position in shares of Nikola by 97.2% during the 1st quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock valued at $50,000 after acquiring an additional 2,296 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Nikola during the 1st quarter valued at about $29,000. Cambridge Investment Research Advisors Inc. grew its position in Nikola by 4.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock worth $847,000 after acquiring an additional 3,523 shares in the last quarter. Principal Financial Group Inc. raised its position in Nikola by 9.2% during the second quarter. Principal Financial Group Inc. now owns 45,302 shares of the company’s stock valued at $216,000 after purchasing an additional 3,811 shares during the period. Finally, Nomura Holdings Inc. boosted its holdings in shares of Nikola by 19.4% in the 2nd quarter. Nomura Holdings Inc. now owns 29,770 shares of the company’s stock worth $143,000 after purchasing an additional 4,832 shares during the period. 37.38% of the stock is owned by hedge funds and other institutional investors.

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.