Nikola Co. (NASDAQ:NKLA) Sees Large Decrease in Short Interest

Nikola Co. (NASDAQ:NKLA) was the target of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 13,030,000 shares, a drop of 16.1% from the September 30th total of 15,530,000 shares. Currently, 27.9% of the company’s stock are short sold. Based on an average daily trading volume, of 2,950,000 shares, the days-to-cover ratio is presently 4.4 days.

Insider Activity at Nikola

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $7.75, for a total value of $35,929.00. Following the transaction, the chief executive officer now directly owns 238,311 shares of the company’s stock, valued at $1,846,910.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.74% of the stock is owned by insiders.

Institutional Trading of Nikola

Institutional investors and hedge funds have recently modified their holdings of the business. Unique Wealth Strategies LLC purchased a new position in Nikola during the second quarter worth about $25,000. Summit Securities Group LLC purchased a new position in Nikola in the 2nd quarter valued at about $56,000. Sanctuary Advisors LLC bought a new position in Nikola during the 2nd quarter valued at $138,000. Point72 DIFC Ltd bought a new stake in shares of Nikola in the 2nd quarter valued at approximately $215,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Nikola in the 1st quarter valued at about $43,000. Hedge funds and other institutional investors own 37.38% of the company’s stock.

Analysts Set New Price Targets

Separately, DA Davidson decreased their target price on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating for the company in a research report on Monday, August 12th.

Nikola Price Performance

NKLA stock traded up $0.77 during midday trading on Monday, reaching $5.19. The stock had a trading volume of 8,566,441 shares, compared to its average volume of 3,268,206. The company’s fifty day simple moving average is $5.28 and its 200 day simple moving average is $10.50. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market cap of $262.61 million, a price-to-earnings ratio of -0.20 and a beta of 2.06. Nikola has a 52-week low of $3.72 and a 52-week high of $38.40.

Nikola (NASDAQ:NKLA) last released its earnings results on Friday, August 9th. The company reported ($2.67) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.78) by $0.11. The firm had revenue of $31.10 million for the quarter, compared to analysts’ expectations of $26.19 million. The firm’s quarterly revenue was up 101.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($7.21) earnings per share.

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.