Nikola Target of Unusually High Options Trading (NASDAQ:NKLA)

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Nikola Co. (NASDAQ:NKLAGet Rating) was the target of some unusual options trading on Friday. Traders acquired 135,690 call options on the stock. This is an increase of 63% compared to the typical volume of 83,282 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NKLA shares. Cowen decreased their price target on Nikola to $12.50 in a report on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on Nikola from $7.00 to $8.00 in a report on Friday, August 5th. Finally, Evercore ISI set a $10.00 price objective on Nikola in a research report on Monday, June 20th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.06.

Insider Activity

In related news, major shareholder Trevor R. Milton purchased 3,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The stock was purchased at an average cost of $5.80 per share, with a total value of $17,400,000.00. Following the completion of the acquisition, the insider now directly owns 51,047,726 shares in the company, valued at $296,076,810.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 18.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Nikola by 8.8% in the fourth quarter. Geode Capital Management LLC now owns 4,034,182 shares of the company’s stock valued at $39,817,000 after buying an additional 325,883 shares in the last quarter. Krane Funds Advisors LLC increased its position in shares of Nikola by 19.7% in the first quarter. Krane Funds Advisors LLC now owns 81,411 shares of the company’s stock valued at $872,000 after buying an additional 13,424 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Nikola by 9.8% in the fourth quarter. Victory Capital Management Inc. now owns 42,615 shares of the company’s stock valued at $421,000 after buying an additional 3,786 shares in the last quarter. Itau Unibanco Holding S.A. increased its position in shares of Nikola by 43.5% in the fourth quarter. Itau Unibanco Holding S.A. now owns 18,608 shares of the company’s stock valued at $190,000 after buying an additional 5,641 shares in the last quarter. Finally, Seaview Investment Managers LLC purchased a new position in shares of Nikola in the first quarter valued at $198,000. Hedge funds and other institutional investors own 23.34% of the company’s stock.

Nikola Trading Up 3.2 %

NASDAQ:NKLA opened at $5.42 on Friday. The stock has a fifty day moving average price of $6.00 and a two-hundred day moving average price of $6.84. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -2.93 and a beta of 1.39. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.15. Nikola has a 1 year low of $4.41 and a 1 year high of $15.56.

Nikola (NASDAQ:NKLAGet Rating) last released its quarterly earnings data on Thursday, August 4th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.45) by $0.04. The business had revenue of $18.10 million during the quarter, compared to analysts’ expectations of $16.58 million. During the same quarter in the previous year, the company posted ($0.36) EPS. The company’s revenue was up 1710.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nikola will post -1.89 earnings per share for the current fiscal year.

About Nikola

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Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector.

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