Nikola Upgraded by Zacks Investment Research to “Hold”

Nikola (NASDAQ:NKLA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Nikola Corporation manufactures electric vehicles. The company offers battery-electric and hydrogen fuel-cell electric vehicles. It also manufactures semi-trucks and powersports vehicles. Nikola Corporation, formerly known as Vectoiq Acq CP, is based in Phoenix, Arizona. “

NKLA has been the topic of a number of other research reports. JPMorgan Chase & Co. raised Nikola from a “neutral” rating to an “overweight” rating and set a $45.00 target price on the stock in a research report on Wednesday, July 8th. Royal Bank of Canada cut their target price on Nikola from $49.00 to $21.00 and set a “sector perform” rating on the stock in a research report on Monday, September 21st. Deutsche Bank dropped their price target 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.

Wedbush downgraded shares of Nikola from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $45.00 to $15.00 in a research note on Wednesday, September 23rd. Finally, Cowen initiated coverage on shares of Nikola in a research note on Wednesday, June 17th. They issued an “outperform” rating and a $79.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $37.80.

Shares of NASDAQ NKLA opened at $23.78 on Tuesday. Nikola has a 52-week low of $10.20 and a 52-week high of $93.99. The firm has a 50 day moving average price of $33.73.
Nikola (NASDAQ:NKLA) last announced its 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 business had revenue of $0.04 million during the quarter, compared to the consensus estimate of $0.02 million. The business’s revenue for the quarter was up 176.9% on a year-over-year basis. As a group, equities research analysts expect that Nikola will post -1.05 EPS for the current year.

In related news, Director Jeffrey W. Ubben sold 1,400,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $42.69, for a total transaction of $59,766,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Trevor R. Milton bought 41,400 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were purchased at an average price of $30.91 per share, with a total value of $1,279,674.00. The disclosure for this purchase can be found here. Insiders own 15.80% of the company’s stock.

Several hedge funds have recently modified their holdings of NKLA. Envestnet Asset Management Inc. acquired a new position in shares of Nikola during the second quarter worth $610,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Nikola in the second quarter valued at $203,000. Wedbush Securities Inc. acquired a new position in Nikola in the second quarter valued at $533,000. Bay Harbor Wealth Management LLC acquired a new position in Nikola in the second quarter valued at $41,000. Finally, Telemus Capital LLC acquired a new position in Nikola in the second quarter valued at $407,000. 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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