Nikola Target of Unusually Large Options Trading (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the recipient of unusually large options trading on Thursday. Stock investors bought 107,074 put options on the stock. This is an increase of 101% compared to the typical volume of 53,209 put options.

Nikola Trading Down 27.9 %

NKLA stock traded down $0.33 during midday trading on Thursday, hitting $0.84. 60,164,639 shares of the company’s stock were exchanged, compared to its average volume of 19,352,750. Nikola has a one year low of $0.76 and a one year high of $34.50. The stock’s fifty day moving average price is $1.51 and its 200-day moving average price is $4.57. The company has a market cap of $51.31 million, a PE ratio of -0.06 and a beta of 1.99. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.94 and a current ratio of 1.17.

Nikola (NASDAQ:NKLA) last released its quarterly earnings results on Thursday, October 31st. The company reported ($2.75) earnings per share for the quarter, missing the consensus estimate of ($2.24) by ($0.51). The company had revenue of $25.20 million during the quarter, compared to analyst estimates of $37.23 million. Nikola had a negative net margin of 840.44% and a negative return on equity of 95.73%. The company’s revenue was up 1382.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NKLA. DA Davidson cut their price objective on Nikola from $12.00 to $4.00 and set a “neutral” rating for the company in a report on Monday, November 11th. Bryan, Garnier & Co lowered shares of Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. TD Cowen dropped their price objective on shares of Nikola from $10.00 to $4.00 and set a “hold” rating for the company in a report on Friday, November 1st. Finally, Robert W. Baird reduced their target price on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Nikola currently has a consensus rating of “Hold” and a consensus price target of $12.00.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NKLA. Point72 DIFC Ltd acquired a new stake in Nikola in the 2nd quarter valued at about $215,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Nikola in the second quarter valued at approximately $2,214,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Nikola during the 2nd quarter worth approximately $368,000. Nantahala Capital Management LLC bought a new stake in Nikola in the 2nd quarter valued at $819,000. Finally, Sanctuary Advisors LLC acquired a new stake in Nikola during the 2nd quarter valued at $138,000. 37.38% of the stock is owned by institutional investors and hedge funds.

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.