Nikola Co. (NASDAQ:NKLA) Short Interest Update


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Nikola Co. (NASDAQ:NKLA) saw a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 51,680,000 shares, an increase of 28.2% from the March 31st total of 40,300,000 shares. Approximately 30.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 14,540,000 shares, the short-interest ratio is currently 3.6 days.

In related news, major shareholder Trevor R. Milton sold 552,486 shares of the stock in a transaction that occurred on Tuesday, March 2nd. The stock was sold at an average price of $14.48, for a total transaction of $7,999,997.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 15.80% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NKLA. Norges Bank purchased a new position in Nikola during the 4th quarter worth $260,013,000. Caliber Wealth Management LLC purchased a new position in Nikola during the 1st quarter worth $30,169,000. Alliancebernstein L.P. purchased a new position in Nikola during the 4th quarter worth $5,158,000. Swiss National Bank purchased a new position in Nikola during the 4th quarter worth $4,576,000. Finally, Glassman Wealth Services purchased a new position in Nikola during the 4th quarter worth $3,370,000. Institutional investors own 10.69% of the company’s stock.

A number of brokerages have issued reports on NKLA. JPMorgan Chase & Co. restated a “neutral” rating and set a $30.00 price objective (down from $33.00) on shares of Nikola in a research report on Thursday, March 11th. Zacks Investment Research upgraded Nikola from a “sell” rating to a “hold” rating in a research report on Wednesday, March 10th. Wedbush decreased their price objective on Nikola from $25.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday, April 19th. Finally, Vertical Research began coverage on Nikola in a research report on Thursday, April 1st. They set a “buy” rating and a $24.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $31.00.

Shares of NASDAQ NKLA traded down $0.19 during midday trading on Tuesday, hitting $10.81. The company’s stock had a trading volume of 7,350,836 shares, compared to its average volume of 14,728,954. The business’s 50 day moving average is $13.09 and its two-hundred day moving average is $18.24. Nikola has a 12-month low of $9.37 and a 12-month high of $93.99.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Wednesday, February 24th. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.06. Sell-side analysts predict that Nikola will post -1.12 earnings per share for the current year.

About Nikola

Nikola Corporation designs and manufactures battery electric and hydrogen-electric vehicless. It operates in two business units, Truck and Energy. The Truck business unit develops and commercializes battery electric vehicles, hydrogen fuel cell electric vehicles, vehicle components, and class 8 trucks that provide solutions to the short-haul, medium-haul, and long-haul trucking sector.

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