Nikola Co. (NASDAQ:NKLA) Receives Consensus Recommendation of “Hold” from Analysts

Nikola Co. (NASDAQ:NKLA) has been given a consensus rating of “Hold” by the ten analysts that are currently covering the stock, Marketbeat reports. Nine research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $15.38.

Several brokerages have weighed in on NKLA. JPMorgan Chase & Co. cut their target price on Nikola from $21.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, September 9th. BTIG Research downgraded Nikola from a “buy” rating to a “neutral” rating and cut their target price for the company from $15.00 to $14.00 in a research note on Friday, November 5th. Wedbush lifted their target price on Nikola from $10.00 to $15.00 and gave the company a “neutral” rating in a research note on Monday, November 8th. Royal Bank of Canada lifted their target price on Nikola from $9.00 to $11.00 and gave the company a “sector perform” rating in a research note on Friday, November 5th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Nikola from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Wednesday, August 4th.

Shares of NASDAQ NKLA traded up $0.25 during mid-day trading on Thursday, hitting $10.66. The company had a trading volume of 10,395,456 shares, compared to its average volume of 13,010,664. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of -6.16 and a beta of 0.66. Nikola has a 12 month low of $9.02 and a 12 month high of $31.95. The firm’s 50 day simple moving average is $11.62 and its two-hundred day simple moving average is $12.77.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings results on Thursday, November 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.19. During the same period in the prior year, the company posted ($0.31) earnings per share. Equities analysts anticipate that Nikola will post -1.79 earnings per share for the current year.

In other news, major shareholder Trevor R. Milton sold 3,927,429 shares of Nikola stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $11.27, for a total transaction of $44,262,124.83. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Pablo M. Koziner sold 8,511 shares of Nikola stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $10.63, for a total value of $90,471.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,232,680 shares of company stock worth $83,814,575. 22.80% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. SRS Capital Advisors Inc. acquired a new stake in Nikola during the second quarter valued at $36,000. Itau Unibanco Holding S.A. acquired a new stake in Nikola during the second quarter valued at $42,000. Daiwa Securities Group Inc. acquired a new stake in Nikola during the third quarter valued at $42,000. Northwestern Mutual Wealth Management Co. boosted its position in Nikola by 253.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,309 shares of the company’s stock valued at $78,000 after purchasing an additional 3,089 shares during the last quarter. Finally, Nisa Investment Advisors LLC acquired a new stake in Nikola during the second quarter valued at $94,000. Institutional investors and hedge funds own 50.15% of the company’s stock.

Nikola Company Profile

Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. 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 was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.

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Analyst Recommendations for Nikola (NASDAQ:NKLA)

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