Nikola (NASDAQ:NKLA) Price Target Cut to $4.00 by Analysts at TD Cowen

Nikola (NASDAQ:NKLA) had its price target cut by investment analysts at TD Cowen from $10.00 to $4.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen’s price objective suggests a potential upside of 6.52% from the stock’s previous close.

NKLA has been the topic of a number of other research reports. DA Davidson reduced their price objective on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Robert W. Baird reduced their price target on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $13.50.

Nikola Price Performance

NKLA stock opened at $3.76 on Friday. The company has a market cap of $189.99 million, a PE ratio of -0.26 and a beta of 2.07. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $4.98 and a two-hundred day moving average price of $10.01. Nikola has a 12-month low of $3.72 and a 12-month high of $38.40.

Nikola (NASDAQ:NKLA) last posted its earnings results on Friday, August 9th. The company reported ($2.67) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.78) by $0.11. Nikola had a negative net margin of 840.44% and a negative return on equity of 86.68%. The firm had revenue of $31.10 million during the quarter, compared to the consensus estimate of $26.19 million. During the same quarter in the prior year, the company earned ($7.21) EPS. The company’s revenue was up 101.9% on a year-over-year basis.

Insider Buying and Selling

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of Nikola stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total transaction of $35,929.00. Following the sale, the chief executive officer now directly owns 238,311 shares in the company, valued at $1,846,910.25. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.74% of the company’s stock.

Institutional Trading of Nikola

A number of hedge funds and other institutional investors have recently made changes to their positions in NKLA. Unique Wealth Strategies LLC acquired a new position in Nikola during the 2nd quarter worth $25,000. Summit Securities Group LLC bought a new position in shares of Nikola during the second quarter worth about $56,000. Sanctuary Advisors LLC acquired a new position in Nikola in the second quarter worth about $138,000. Point72 DIFC Ltd bought a new stake in Nikola in the second quarter valued at about $215,000. Finally, Diversify Advisory Services LLC acquired a new stake in Nikola during the first quarter valued at approximately $43,000. Institutional investors 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.