Nikola (NASDAQ:NKLA) Given New $13.00 Price Target at Wedbush


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Nikola (NASDAQ:NKLA) had its target price decreased by investment analysts at Wedbush from $25.00 to $13.00 in a research note issued on Monday, The Fly reports. The firm presently has a “neutral” rating on the stock. Wedbush’s target price would indicate a potential upside of 34.72% from the stock’s previous close.

Several other research firms have also issued reports on NKLA. Vertical Research began coverage on Nikola in a report on Thursday, April 1st. They set a “buy” rating and a $24.00 target price on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $30.00 target price (down from $33.00) on shares of Nikola in a report on Thursday, March 11th. Finally, Zacks Investment Research upgraded Nikola from a “sell” rating to a “hold” rating in a research note on Wednesday, March 10th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $31.00.

Shares of NASDAQ:NKLA opened at $9.65 on Monday. Nikola has a 12 month low of $9.57 and a 12 month high of $93.99. The company’s fifty day simple moving average is $14.23 and its 200 day simple moving average is $19.07.

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

In other news, major shareholder Trevor R. Milton sold 3,500,000 shares of the business’s stock in a transaction dated Wednesday, March 31st. The stock was sold at an average price of $13.89, for a total value of $48,615,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 15.80% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. bought a new stake in shares of Nikola during the fourth quarter valued at approximately $31,000. Winslow Evans & Crocker Inc. lifted its stake in shares of Nikola by 126.8% in the fourth quarter. Winslow Evans & Crocker Inc. now owns 2,325 shares of the company’s stock valued at $35,000 after buying an additional 1,300 shares in the last quarter. Jacobi Capital Management LLC grew its holdings in shares of Nikola by 332.7% during the fourth quarter. Jacobi Capital Management LLC now owns 2,380 shares of the company’s stock valued at $36,000 after buying an additional 1,830 shares during the last quarter. Valeo Financial Advisors LLC raised its stake in shares of Nikola by 62.6% in the fourth quarter. Valeo Financial Advisors LLC now owns 2,627 shares of the company’s stock worth $40,000 after purchasing an additional 1,011 shares during the last quarter. Finally, Perigon Wealth Management LLC purchased a new stake in shares of Nikola in the fourth quarter valued at about $44,000. Hedge funds and other institutional investors own 10.69% of the company’s stock.

Nikola Company Profile

Nikola Corporation provides integrated zero-emissions transportation solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen fueling station infrastructure. Nikola Corporation was founded in 2015 and is headquartered in Phoenix, Arizona.

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