Nikola (NASDAQ:NKLA) Given New $4.00 Price Target at DA Davidson

Nikola (NASDAQ:NKLA - Free Report) had its price target cut by DA Davidson from $12.00 to $4.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts have also issued reports on NKLA. Robert W. Baird dropped their target price on shares of Nikola from $14.00 to $10.00 and set an "outperform" rating for the company in a report on Friday, November 1st. TD Cowen dropped their price objective on shares of Nikola from $10.00 to $4.00 and set a "hold" rating for the company in a research note on Friday, November 1st. Finally, Bryan, Garnier & Co lowered shares of Nikola from a "buy" rating to a "neutral" rating in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $12.00.

Nikola Price Performance

NKLA traded up $0.23 during midday trading on Monday, hitting $3.25. 4,711,288 shares of the company traded hands, compared to its average volume of 3,391,064. The company has a market capitalization of $197.82 million, a price-to-earnings ratio of -0.21 and a beta of 2.07. The business has a 50 day simple moving average of $4.60 and a two-hundred day simple moving average of $9.38. 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 52-week low of $2.91 and a 52-week high of $34.80.

Nikola (NASDAQ:NKLA - Get Free Report) last posted 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 firm had revenue of $25.20 million during the quarter, compared to analyst estimates of $37.23 million. Nikola had a negative return on equity of 95.73% and a negative net margin of 840.44%. The company's revenue for the quarter was up 1382.4% on a year-over-year basis.

Institutional Trading of Nikola

Several hedge funds have recently made changes to their positions in the company. Unique Wealth Strategies LLC purchased a new position in Nikola in the second quarter worth approximately $25,000. Summit Securities Group LLC acquired a new position in shares of Nikola in the 2nd quarter valued at $56,000. Sanctuary Advisors LLC purchased a new position in shares of Nikola during the 2nd quarter worth $138,000. One Wealth Management Investment & Advisory Services LLC acquired a new stake in shares of Nikola during the 3rd quarter worth about $110,000. Finally, Point72 DIFC Ltd acquired a new position in Nikola in the second quarter valued at about $215,000. Hedge funds and other institutional investors own 37.38% of the company's stock.

Nikola Company Profile

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.