Nikola Corporation Forecasted to Post Q3 2021 Earnings of ($0.40) per share

Nikola Corporation (NASDAQ:NKLA) – Investment analysts at Wedbush decreased their Q3 2021 earnings per share (EPS) estimates for shares of Nikola in a report issued on Wednesday, September 23rd.

Wedbush analyst D. Ives now expects that the company will earn ($0.40) per share for the quarter, down from their prior forecast of ($0.39). Wedbush currently has a “Underperform” rating and a $15.00 target price on the stock. Wedbush also issued estimates for Nikola’s Q4 2021 earnings at ($0.41) EPS, FY2021 earnings at ($1.62) EPS, FY2022 earnings at ($1.62) EPS, FY2023 earnings at ($1.71) EPS and FY2024 earnings at ($1.61) EPS.

Nikola (NASDAQ:NKLA) last released its earnings results on Tuesday, August 4th. The company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.02).

The firm had revenue of $0.04 million for the quarter, compared to the consensus estimate of $0.02 million. The firm’s revenue was up 176.9% on a year-over-year basis.

Several other analysts have also recently commented on the stock. Royal Bank of Canada reduced 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 note on Monday, September 21st. JPMorgan Chase & Co. upgraded shares of Nikola from a “neutral” rating to an “overweight” rating and set a $45.00 price objective for the company in a research note on Wednesday, July 8th. Zacks Investment Research cut shares of Nikola from a “hold” rating to a “sell” rating in a research note on Wednesday, August 19th. 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 for the company.

Finally, Deutsche Bank reduced their price objective on shares of Nikola from $50.00 to $29.00 and set a “hold” rating for the company in a research note on Tuesday, September 22nd. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. Nikola currently has a consensus rating of “Hold” and an average price target of $37.80.

NKLA stock opened at $19.46 on Monday. Nikola has a one year low of $10.20 and a one year high of $93.99. The stock has a fifty day moving average price of $37.44.

In other news, Chairman Trevor R. Milton purchased 41,400 shares of the stock in a transaction dated Monday, September 14th. The stock was acquired at an average cost of $30.91 per share, for a total transaction of $1,279,674.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey W. Ubben sold 1,400,000 shares of Nikola stock in a transaction dated 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. Company insiders own 15.80% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Nikola during the second quarter worth about $439,000. Linden Advisors LP purchased a new stake in shares of Nikola during the second quarter worth about $40,005,000. AdvisorNet Financial Inc purchased a new stake in shares of Nikola during the second quarter worth about $261,000. Private Advisor Group LLC purchased a new stake in shares of Nikola during the second quarter worth about $556,000. Finally, Captrust Financial Advisors purchased a new stake in shares of Nikola during the second quarter worth about $25,000. Institutional investors and hedge funds own 13.09% of the company’s stock.

Nikola Company Profile

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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