DA Davidson Issues Pessimistic Forecast for Nikola (NASDAQ:NKLA) Stock Price

Nikola (NASDAQ:NKLA) had its target price lowered by DA Davidson from $12.00 to $4.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also weighed in on NKLA. Robert W. Baird dropped their target price on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Bryan, Garnier & Co lowered Nikola from a “buy” rating to a “neutral” rating in a report on Thursday, November 7th. Finally, TD Cowen lowered their price objective on Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a report on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.00.

Nikola Stock Up 7.6 %

Shares of Nikola stock opened at $3.25 on Monday. The stock has a 50-day moving average price of $4.54 and a 200 day moving average price of $9.27. The company has a market cap of $197.82 million, a P/E ratio of -0.23 and a beta of 2.07. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.71. Nikola has a 1 year low of $2.91 and a 1 year high of $34.80.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data on Thursday, October 31st. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($0.51). The business had revenue of $25.20 million during the quarter, compared to analysts’ expectations of $37.23 million. Nikola had a negative return on equity of 95.73% and a negative net margin of 840.44%. Nikola’s quarterly revenue was up 1382.4% on a year-over-year basis.

Institutional Trading of Nikola

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Nikola by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock valued at $83,473,000 after buying an additional 3,117,074 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of Nikola by 90.3% in the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock worth $3,965,000 after acquiring an additional 1,809,074 shares during the period. Swiss National Bank lifted its position in shares of Nikola by 5.7% in the 1st quarter. Swiss National Bank now owns 2,171,500 shares of the company’s stock worth $2,258,000 after acquiring an additional 117,700 shares during the period. Virtu Financial LLC bought a new stake in shares of Nikola in the 1st quarter worth approximately $1,161,000. Finally, California State Teachers Retirement System lifted its position in shares of Nikola by 3.1% in the 1st quarter. California State Teachers Retirement System now owns 1,063,199 shares of the company’s stock worth $1,106,000 after acquiring an additional 32,266 shares during the period. Institutional investors and hedge funds 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.