Zacks downgrades Nikola

nikola

Nikola (NASDAQ:NKLA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

According to Zacks, “Nikola Corporation manufactures electric vehicles. The company offers battery-electric and hydrogen fuel-cell electric vehicles. It also manufactures semi-trucks and powersports vehicles. Nikola Corporation, formerly known as Vectoiq Acq CP, is based in Phoenix, Arizona. “

Several other brokerages have also recently issued reports on NKLA. JPMorgan Chase & Co. raised Nikola from a “neutral” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Wednesday, July 8th.

Royal Bank of Canada began coverage on Nikola in a research report on Tuesday, July 7th. They set a “sector perform” rating and a $46.00 target price on the stock. Cowen began coverage on Nikola in a research report on Wednesday, June 17th.

They set an “outperform” rating and a $79.00 target price on the stock. Finally, Deutsche Bank began coverage on Nikola in a research report on Monday, August 3rd.

They set a “hold” rating and a $54.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company.

The company has a consensus rating of “Hold” and an average price target of $56.00.

NASDAQ NKLA opened at $41.76 on Wednesday. The business has a 50 day simple moving average of $44.73. Nikola has a 12 month low of $10.16 and a 12 month high of $93.99.
Nikola (NASDAQ:NKLA) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.02).

The firm had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.02 million. The business’s revenue was up 176.9% compared to the same quarter last year. As a group, analysts anticipate that Nikola will post -1.04 earnings per share for the current year.

In other Nikola news, Director Jeffrey W. Ubben sold 1,400,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $42.69, for a total value of $59,766,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Also, insider Jeffrey W. Ubben acquired 5,000,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was acquired at an average cost of $35.97 per share, for a total transaction of $179,850,000.00. Insiders own 15.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in NKLA. Captrust Financial Advisors bought a new position in Nikola in the 2nd quarter valued at $25,000. Allworth Financial LP purchased a new stake in shares of Nikola in the 2nd quarter worth $27,000. Investors Research Corp purchased a new stake in shares of Nikola in the 2nd quarter worth $30,000.

Ancora Advisors LLC purchased a new stake in shares of Nikola in the 2nd quarter worth $34,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of Nikola in the 2nd quarter worth $40,000. 72.38% of the stock is currently owned by institutional investors.

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