Hedge fund, Marshall Wace acquires stakes in Nikola

Marshall Wace North America L.P. acquired a new stake in shares of Nikola Corporation (NASDAQ:NKLA) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,951 shares of the company’s stock, valued at approximately $740,000.

A number of other hedge funds also recently bought and sold shares of NKLA. Envestnet Asset Management Inc. bought a new position in Nikola during the 2nd quarter valued at approximately $610,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Nikola in the 2nd quarter worth $203,000.

Wedbush Securities Inc. bought a new stake in shares of Nikola in the 2nd quarter worth $533,000. Bay Harbor Wealth Management LLC bought a new stake in shares of Nikola in the 2nd quarter worth $41,000.

Finally, Telemus Capital LLC bought a new stake in shares of Nikola in the 2nd quarter worth $407,000. 13.09% of the stock is owned by institutional investors.

Shares of NASDAQ NKLA opened at $32.13 on Friday. The company has a 50 day moving average price of $37.85. Nikola Corporation has a 52-week low of $10.20 and a 52-week high of $93.99.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02). The company had revenue of $0.04 million during the quarter, compared to analysts’ expectations of $0.02 million. The firm’s revenue for the quarter was up 176.9% on a year-over-year basis. As a group, research analysts expect that Nikola Corporation will post -1.05 EPS for the current fiscal year.
Several brokerages recently commented on NKLA. Wedbush initiated coverage on Nikola in a report on Tuesday, August 25th. They issued a “neutral” rating and a $45.00 price objective for the company. Cowen started coverage on Nikola in a research report on Wednesday, June 17th. They issued an “outperform” rating and a $79.00 price objective on the stock. BidaskClub downgraded Nikola from a “hold” rating to a “sell” rating in a research report on Monday, September 7th. Deutsche Bank started coverage on Nikola in a research report on Monday, August 3rd. They issued a “hold” rating and a $54.00 target price on the stock. Finally, Royal Bank of Canada boosted their price objective on Nikola from $46.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Nikola presently has a consensus rating of “Hold” and an average price target of $54.40.

In related news, Director Jeffrey W. Ubben sold 1,400,000 shares of the business’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 value of $59,766,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 15.80% of the stock is currently owned by insiders.

About Nikola

Nikola Corporation operates as an integrated zero emissions transportation systems provider. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. The company also develops electric vehicle solutions for military and outdoor recreational applications.

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