Nikola (NASDAQ:NKLA) Stock Price Up 7.5%

Shares of Nikola Co. (NASDAQ:NKLA) rose 7.5% during trading on Tuesday . The company traded as high as $0.71 and last traded at $0.70. Approximately 44,883,446 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 99,220,641 shares. The stock had previously closed at $0.65.

Analyst Ratings Changes

NKLA has been the subject of a number of research analyst reports. Robert W. Baird initiated coverage on shares of Nikola in a research note on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price target for the company. DA Davidson reiterated a “neutral” rating and issued a $1.00 price target on shares of Nikola in a research note on Tuesday, March 5th. Finally, Wolfe Research initiated coverage on shares of Nikola in a research note on Tuesday, April 9th. They issued a “peer perform” rating for the company.

Nikola Price Performance

The firm’s 50-day moving average is $0.76 and its 200-day moving average is $0.88. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37.

Nikola (NASDAQ:NKLA) last announced its earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.05. The business had revenue of $11.53 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter last year, the firm posted ($0.46) earnings per share. Equities research analysts anticipate that Nikola Co. will post -0.44 EPS for the current year.

Insider Buying and Selling at Nikola

In other news, insider Joseph R. Pike sold 75,162 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $0.68, for a total value of $51,110.16. Following the transaction, the insider now owns 429,790 shares of the company’s stock, valued at $292,257.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Nikola

Several large investors have recently bought and sold shares of NKLA. Cambridge Investment Research Advisors Inc. increased its position in Nikola by 4.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock worth $847,000 after purchasing an additional 3,523 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Nikola by 577.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,302 shares of the company’s stock worth $163,000 after purchasing an additional 13,044 shares during the last quarter. MetLife Investment Management LLC increased its position in Nikola by 57.0% in the first quarter. MetLife Investment Management LLC now owns 125,771 shares of the company’s stock worth $1,347,000 after purchasing an additional 45,661 shares during the last quarter. Rhumbline Advisers increased its position in Nikola by 6.3% during the first quarter. Rhumbline Advisers now owns 245,611 shares of the company’s stock valued at $2,630,000 after acquiring an additional 14,645 shares during the last quarter. Finally, Synovus Financial Corp bought a new position in Nikola during the first quarter valued at $343,000. Institutional investors own 37.38% of the company’s stock.

About Nikola

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.