Nikola Sees Unusually High Options Volume (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the target of unusually large options trading on Friday. Traders purchased 83,379 put options on the company. This represents an increase of approximately 93% compared to the average daily volume of 43,246 put options.

Insiders Place Their Bets

In other Nikola news, CEO Stephen J. Girsky bought 33,333 shares of Nikola stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $16.20 per share, with a total value of $539,994.60. Following the transaction, the chief executive officer now directly owns 241,433 shares of the company’s stock, valued at $3,911,214.60. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.74% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Nikola by 27.1% in the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock worth $89,029,000 after purchasing an additional 12,085,830 shares during the period. Arizona State Retirement System raised its stake in shares of Nikola by 78.3% in the fourth quarter. Arizona State Retirement System now owns 291,130 shares of the company’s stock worth $255,000 after buying an additional 127,856 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Nikola by 22.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 729,059 shares of the company’s stock valued at $638,000 after buying an additional 135,041 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Nikola by 47.5% during the 4th quarter. Van ECK Associates Corp now owns 6,466,358 shares of the company’s stock valued at $5,657,000 after acquiring an additional 2,083,089 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Nikola by 55.7% in the 4th quarter. Victory Capital Management Inc. now owns 123,022 shares of the company’s stock worth $108,000 after acquiring an additional 43,985 shares in the last quarter. Institutional investors own 37.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NKLA. Bryan, Garnier & Co assumed coverage on shares of Nikola in a research note on Thursday, May 16th. They set a “buy” rating and a $30.00 price objective for the company. Wolfe Research assumed coverage on shares of Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating for the company. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $30.00 price objective on shares of Nikola in a research report on Wednesday, June 12th.

Nikola Stock Performance

Shares of NASDAQ NKLA traded down $0.01 during trading on Friday, reaching $9.98. 4,234,146 shares of the company traded hands, compared to its average volume of 3,400,050. The firm has a 50 day simple moving average of $13.80 and a 200-day simple moving average of $19.29. Nikola has a 52-week low of $7.25 and a 52-week high of $111.30. The stock has a market capitalization of $450.80 million, a PE ratio of -0.31 and a beta of 2.09. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.46.

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

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.