Why analysts upgraded Nikola target price

(Ticker Report) – Shares of Nikola Corporation (NASDAQ:NKLA) have received a consensus recommendation of “Hold” from the six analysts that are presently covering the company, MarketBeat reports.

One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $53.80.

A number of brokerages have issued reports on NKLA. Cowen began coverage on shares of Nikola in a research note on Wednesday, June 17th.

They issued an “outperform” rating and a $79.00 price objective on the stock. Wedbush began coverage on shares of Nikola in a research note on Tuesday. They set a “neutral” rating and a $45.00 price objective on the stock. Zacks Investment Research lowered shares of Nikola from a “hold” rating to a “sell” rating in a research note on Wednesday, August 19th.

Royal Bank of Canada began coverage on shares of Nikola in a research note on Tuesday, July 7th. They set a “sector perform” rating and a $46.00 price objective on the stock.

Finally, JPMorgan Chase & Co. upgraded shares of Nikola from a “neutral” rating to an “overweight” rating and set a $45.00 price objective on the stock in a research note on Wednesday, July 8th.

In related news, insider Jeffrey W. Ubben acquired 5,000,000 shares of the stock in a transaction that occurred 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. Also, Director Jeffrey W. Ubben sold 1,400,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $42.69, for a total transaction of $59,766,000.00. The disclosure for this sale can be found here. 15.80% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. acquired a new position in Nikola in the 2nd quarter valued at approximately $610,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Nikola in the 2nd quarter valued at approximately $203,000. Wedbush Securities Inc. acquired a new position in Nikola in the 2nd quarter valued at approximately $533,000. Bay Harbor Wealth Management LLC acquired a new position in Nikola in the 2nd quarter valued at approximately $41,000.

Finally, Telemus Capital LLC acquired a new position in Nikola in the 2nd quarter valued at approximately $407,000. Institutional investors and hedge funds own 72.38% of the company’s stock.

NASDAQ NKLA opened at $39.31 on Tuesday. The business’s 50 day moving average price is $41.08. Nikola has a 1-year low of $10.17 and a 1-year high of $93.99.

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