Deutsche Bank cuts target price for Nikola

Nikola (NASDAQ:NKLA) had its price objective reduced by Deutsche Bank from $50.00 to $29.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a hold rating on the stock.

Several other research analysts have also issued reports on NKLA. Wedbush began coverage on Nikola in a report on Tuesday, August 25th. They issued a neutral rating and a $45.00 price target on the stock.

BidaskClub lowered shares of Nikola from a hold rating to a sell rating in a research note on Monday, September 7th. Cowen assumed 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. Royal Bank of Canada decreased their target price on shares of Nikola from $49.00 to $21.00 and set a sector perform rating for the company in a research report on Monday.

Finally, JPMorgan Chase & Co. raised shares of Nikola from a neutral rating to an overweight rating and set a $45.00 price target on the stock in a research report on Wednesday, July 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $43.80.

Shares of NKLA stock opened at $28.51 on Tuesday. The stock’s 50 day moving average is $38.17. Nikola has a 52 week low of $10.20 and a 52 week high of $93.99.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.02). The business had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.02 million. The firm’s quarterly revenue was up 176.9% compared to the same quarter last year. Research analysts expect that Nikola will post -1.05 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 Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Trevor R. Milton bought 41,400 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were acquired at an average cost of $30.91 per share, with a total value of $1,279,674.00. The disclosure for this purchase can be found here. 15.80% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of NKLA. Steward Partners Investment Advisory LLC purchased a new position in shares of Nikola during the 2nd quarter valued at $97,000. First National Trust Co bought a new stake in Nikola in the second quarter worth $203,000. Sigma Planning Corp purchased a new stake in Nikola during the second quarter valued at about $230,000. UBS Group AG bought a new position in shares of Nikola during the second quarter valued at about $1,263,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of Nikola in the second quarter worth about $740,000. Hedge funds and other institutional investors own 13.09% of the company’s stock.

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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