Nikola (NASDAQ:NKLA) Given New $4.00 Price Target at TD Cowen

by · The Markets Daily

Nikola (NASDAQ:NKLA – Free Report) had its price target decreased by TD Cowen from $10.00 to $4.00 in a report published on Friday, Benzinga reports. TD Cowen currently has a hold rating on the stock.

A number of other analysts also recently commented on the stock. DA Davidson decreased their price objective on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, August 12th. Robert W. Baird decreased their price objective on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.50.

Read Our Latest Report on NKLA

Nikola Stock Down 4.5 %

NASDAQ:NKLA traded down $0.18 during midday trading on Friday, hitting $3.76. 4,707,508 shares of the company were exchanged, compared to its average volume of 4,168,441. The company has a fifty day simple moving average of $4.98 and a 200 day simple moving average of $10.08. Nikola has a fifty-two week low of $3.72 and a fifty-two week high of $38.40. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $189.99 million, a PE ratio of -0.26 and a beta of 2.07.

Nikola (NASDAQ:NKLA – Get Free Report) last announced its quarterly earnings results on Friday, August 9th. The company reported ($2.67) EPS for the quarter, topping the consensus estimate of ($2.78) by $0.11. The firm had revenue of $31.10 million for the quarter, compared to analyst estimates of $26.19 million. Nikola had a negative net margin of 840.44% and a negative return on equity of 86.68%. Nikola’s revenue for the quarter was up 101.9% compared to the same quarter last year. During the same period last year, the business earned ($7.21) EPS.

Insider Buying and Selling at Nikola

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $7.75, for a total value of $35,929.00. Following the sale, the chief executive officer now owns 238,311 shares of the company’s stock, valued at $1,846,910.25. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On Nikola

Institutional investors have recently modified their holdings of the company. Unique Wealth Strategies LLC acquired a new position in shares of Nikola in the second quarter valued at approximately $25,000. Diversify Advisory Services LLC acquired a new position in shares of Nikola in the first quarter valued at approximately $43,000. Summit Securities Group LLC acquired a new position in Nikola during the second quarter worth approximately $56,000. ProShare Advisors LLC increased its position in Nikola by 29.1% during the first quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock worth $138,000 after purchasing an additional 29,904 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in Nikola during the second quarter worth approximately $138,000. Institutional investors and hedge funds own 37.38% of the company’s stock.

Nikola Company Profile

(Get Free Report)

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.

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