(Ticker Report) – Nikola (NASDAQ:NKLA) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday, BidAskClub reports.
Other equities research analysts have also recently issued reports about the company. Wedbush cut Nikola from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $45.00 to $15.00 in a research note on Wednesday, September 23rd. Zacks Investment Research lowered shares of Nikola from a “hold” rating to a “sell” rating in a research report on Wednesday, August 19th. JPMorgan Chase & Co. raised shares of Nikola from a “neutral” rating to an “overweight” rating and set a $45.00 target price for the company in a research report on Wednesday, July 8th.
Cowen started coverage on shares of Nikola in a research note on Wednesday, June 17th. They set an “outperform” rating and a $79.00 price target for the company. Finally, Deutsche Bank dropped their price objective on Nikola from $50.00 to $29.00 and set a “hold” rating on the stock in a research note on Tuesday, September 22nd. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $37.80.
Nikola stock opened at $24.25 on Friday. Nikola has a 52 week low of $10.20 and a 52 week high of $93.99. The business’s 50 day moving average price is $34.97.
Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.02).
The company had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.02 million. Nikola’s quarterly revenue was up 176.9% compared to the same quarter last year. On average, sell-side analysts forecast that Nikola will post -1.05 earnings per share for the current year.
In other news, Chairman Trevor R. Milton purchased 41,400 shares of the stock in a transaction on Monday, September 14th. The shares were acquired at an average price of $30.91 per share, for a total transaction of $1,279,674.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 value of $59,766,000.00. The disclosure for this sale can be found here. 15.80% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors purchased a new position in shares of Nikola in the second quarter worth $25,000. Allworth Financial LP bought a new position in shares of Nikola during the second quarter valued at about $27,000. Investors Research Corp purchased a new stake in shares of Nikola during the second quarter worth about $30,000. Ancora Advisors LLC purchased a new stake in shares of Nikola during the second quarter worth about $34,000. Finally, Valeo Financial Advisors LLC bought a new stake in shares of Nikola in the second quarter worth about $40,000. Institutional investors 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.