Nikola (NASDAQ:NKLA) Given New $4.00 Price Target at DA Davidson

Nikola (NASDAQ:NKLA) had its target price trimmed by DA Davidson from $12.00 to $4.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on NKLA. Robert W. Baird dropped their target price on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. TD Cowen lowered their target price on Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, November 1st. Finally, Bryan, Garnier & Co lowered shares of Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Nikola currently has an average rating of “Hold” and a consensus price target of $12.00.

Nikola Price Performance

NASDAQ NKLA opened at $2.51 on Monday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94. Nikola has a 12 month low of $2.16 and a 12 month high of $34.50. The stock’s fifty day moving average price is $4.35 and its 200-day moving average price is $9.07.

Nikola (NASDAQ:NKLA) last released its quarterly earnings data 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). Nikola had a negative net margin of 840.44% and a negative return on equity of 95.73%. The business had revenue of $25.20 million during the quarter, compared to the consensus estimate of $37.23 million. The firm’s revenue was up 1382.4% on a year-over-year basis.

Institutional Investors Weigh In On Nikola

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Nikola by 4.0% during the first quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock valued at $83,473,000 after buying an additional 3,117,074 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Nikola by 90.3% during the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock valued at $3,965,000 after purchasing an additional 1,809,074 shares during the last quarter. Virtu Financial LLC purchased a new stake in Nikola during the 1st quarter valued at $1,161,000. Bayesian Capital Management LP lifted its position in Nikola by 207.0% in the first quarter. Bayesian Capital Management LP now owns 496,800 shares of the company’s stock worth $517,000 after buying an additional 335,000 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Nikola during the second quarter worth $2,214,000. 37.38% of the stock is owned by hedge funds and other institutional investors.

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.