Nikola Co. (NASDAQ:NKLA) Shares Sold by US Bancorp DE

US Bancorp DE lowered its position in shares of Nikola Co. (NASDAQ:NKLA) by 31.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 2,134 shares of the company’s stock after selling 1,000 shares during the quarter. US Bancorp DE’s holdings in Nikola were worth $39,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NKLA. Coatue Management LLC raised its stake in shares of Nikola by 702.7% during the 1st quarter. Coatue Management LLC now owns 9,660,988 shares of the company’s stock valued at $134,191,000 after buying an additional 8,457,471 shares during the last quarter. Ergoteles LLC purchased a new position in shares of Nikola during the 1st quarter valued at about $10,337,000. Holocene Advisors LP purchased a new position in shares of Nikola during the 1st quarter valued at about $5,987,000. Millennium Management LLC raised its stake in shares of Nikola by 256.2% during the 1st quarter. Millennium Management LLC now owns 495,118 shares of the company’s stock valued at $6,877,000 after buying an additional 356,103 shares during the last quarter. Finally, Van ECK Associates Corp purchased a new position in shares of Nikola during the 1st quarter valued at about $3,440,000. Institutional investors and hedge funds own 19.07% of the company’s stock.

NKLA has been the subject of a number of recent research reports. Zacks Investment Research upgraded Nikola from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research note on Saturday, August 7th. JPMorgan Chase & Co. reduced their price objective on Nikola from $21.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, September 9th. BTIG Research cut their price target on Nikola from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, August 3rd. DA Davidson initiated coverage on Nikola in a research note on Tuesday, August 10th. They issued a “neutral” rating and a $10.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Nikola from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Wednesday, August 4th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.33.

In related news, major shareholder Trevor R. Milton sold 2,397,671 shares of Nikola stock in a transaction dated Friday, August 6th. The stock was sold at an average price of $10.05, for a total value of $24,096,593.55. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Trevor R. Milton sold 491,039 shares of the business’s stock in a transaction that occurred on Wednesday, August 4th. The stock was sold at an average price of $10.63, for a total value of $5,219,744.57. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,190,728 shares of company stock worth $63,440,033. 22.80% of the stock is currently owned by insiders.

Shares of Nikola stock opened at $10.71 on Wednesday. The company has a quick ratio of 7.80, a current ratio of 7.82 and a debt-to-equity ratio of 0.02. Nikola Co. has a twelve month low of $9.02 and a twelve month high of $37.95. The firm has a market cap of $4.27 billion, a PE ratio of -7.88 and a beta of 0.66. The business has a 50-day moving average price of $11.09 and a 200 day moving average price of $13.20.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings data on Monday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.47) by $0.27. During the same period last year, the firm earned ($0.16) earnings per share. On average, sell-side analysts expect that Nikola Co. will post -1.52 EPS for the current year.

About Nikola

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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Institutional Ownership by Quarter for Nikola (NASDAQ:NKLA)

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