Nikola (NASDAQ:NKLA) Trading Up 9.6%

Nikola Co. (NASDAQ:NKLA)’s share price rose 9.6% during trading on Wednesday . The stock traded as high as $10.86 and last traded at $10.27. Approximately 1,827,420 shares were traded during trading, a decline of 40% from the average daily volume of 3,058,681 shares. The stock had previously closed at $9.37.

Wall Street Analysts Forecast Growth

NKLA has been the topic of several research analyst reports. DA Davidson reissued a “neutral” rating and set a $30.00 target price on shares of Nikola in a research note on Wednesday, June 12th. Bryan, Garnier & Co started coverage on shares of Nikola in a research report on Thursday, May 16th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Wolfe Research started coverage on shares of Nikola in a report on Tuesday, April 9th. They issued a “peer perform” rating for the company.

Nikola Stock Performance

The firm’s fifty day simple moving average is $16.20 and its 200 day simple moving average is $20.57. The company has a market capitalization of $436.34 million, a price-to-earnings ratio of -0.33 and a beta of 2.11. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.73 and a quick ratio of 1.50.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($3.00) EPS for the quarter, hitting the consensus estimate of ($3.00). The company had revenue of $7.50 million for the quarter, compared to analyst estimates of $15.05 million.

Insider Activity at Nikola

In related 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 price of $16.20 per share, for a total transaction of $539,994.60. Following the completion of the purchase, the chief executive officer now owns 241,433 shares in the company, valued at approximately $3,911,214.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.74% of the company’s stock.

Institutional Investors Weigh In On Nikola

Institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC boosted 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 worth $43,000 after buying an additional 30,490 shares in the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Nikola in the 1st quarter valued at $43,000. Seaview Investment Managers LLC boosted its stake in shares of 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 purchasing an additional 30,000 shares in the last quarter. Cantor Fitzgerald L. P. boosted its stake in shares of Nikola by 817.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock valued at $82,000 after purchasing an additional 83,081 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Nikola by 55.7% in 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 in the last quarter. 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.