Nikola (NASDAQ:NKLA) Downgraded by Zacks Investment Research to “Sell”

Nikola (NASDAQ:NKLA – Get Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Nikola Corporation manufactures electric vehicles. The company offers battery-electric and hydrogen fuel-cell electric vehicles. It also manufactures semi-trucks and powersports vehicles. Nikola Corporation, formerly known as Vectoiq Acq CP, is based in Phoenix, Arizona. “

Several other equities analysts also recently commented on the stock. Royal Bank of Canada decreased their price target on shares of Nikola from $11.00 to $8.00 and set a “sector perform” rating on the stock in a research note on Friday, February 25th. JPMorgan Chase & Co. decreased their price target on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Friday, February 25th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Nikola from $19.00 to $11.00 and set a “hold” rating on the stock in a research note on Friday, February 25th. Cowen cut their price objective on shares of Nikola from $25.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, February 25th. Finally, Wedbush reaffirmed a “neutral” rating on shares of Nikola in a research report on Thursday, March 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.72.

NASDAQ:NKLA opened at $7.46 on Thursday. Nikola has a one year low of $6.41 and a one year high of $19.52. The company has a market cap of $3.14 billion, a P/E ratio of -4.29 and a beta of 0.84. The firm’s fifty day moving average price is $8.39 and its two-hundred day moving average price is $9.59. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.91 and a quick ratio of 2.84.

Nikola (NASDAQ:NKLA – Get Rating) last released its quarterly earnings results on Thursday, February 24th. The company reported ($0.39) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.07. During the same quarter last year, the company earned ($0.38) earnings per share. As a group, equities research analysts expect that Nikola will post -1.88 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Nikola by 19.7% in the third quarter. Geode Capital Management LLC now owns 3,708,299 shares of the company’s stock worth $39,567,000 after acquiring an additional 610,117 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Nikola in the fourth quarter worth about $2,011,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Nikola by 9.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 71,848 shares of the company’s stock worth $767,000 after acquiring an additional 6,050 shares during the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in shares of Nikola by 16.5% in the third quarter. State Board of Administration of Florida Retirement System now owns 95,190 shares of the company’s stock worth $1,016,000 after acquiring an additional 13,500 shares during the last quarter. Finally, CIBC Asset Management Inc bought a new position in shares of Nikola in the third quarter worth about $172,000. 43.70% of the stock is owned by hedge funds and other institutional investors.

Nikola Company Profile (Get Rating)

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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