Nikola (NASDAQ:NKLA) Stock Rating Upgraded by Zacks Investment Research

Nikola (NASDAQ:NKLAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $7.25 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 12.23% from the stock’s current price.

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. “

Other equities research analysts have also recently issued research reports about the stock. Wedbush cut their price target on shares of Nikola from $15.00 to $10.00 in a report on Tuesday, May 10th. Cowen dropped their target price on shares of Nikola from $25.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, February 25th. Royal Bank of Canada dropped their target price on shares of Nikola from $11.00 to $8.00 and set a “sector perform” rating on the stock in a report on Friday, February 25th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Nikola from $19.00 to $11.00 and set a “hold” rating on the stock in a report on Friday, February 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Friday, February 25th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $10.91.

NASDAQ:NKLA opened at $6.46 on Wednesday. The company’s 50 day moving average price is $7.40 and its 200-day moving average price is $8.43. Nikola has a 52 week low of $4.82 and a 52 week high of $19.44. The company has a quick ratio of 2.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of -3.59 and a beta of 1.07.

Nikola (NASDAQ:NKLAGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The company reported ($0.21) EPS for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.16. The firm had revenue of $1.90 million for the quarter, compared to analysts’ expectations of $0.13 million. During the same quarter in the previous year, the company earned ($0.31) EPS. The company’s quarterly revenue was up 1899900.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Nikola will post -1.75 earnings per share for the current year.

Several institutional investors have recently modified their holdings of NKLA. Norges Bank purchased a new position in shares of Nikola during the 4th quarter worth $168,174,000. Teramo Advisors LLC purchased a new position in shares of Nikola during the 4th quarter worth $32,535,000. BlackRock Inc. boosted its stake in shares of Nikola by 8.1% during the 4th quarter. BlackRock Inc. now owns 14,743,068 shares of the company’s stock worth $145,515,000 after acquiring an additional 1,100,729 shares during the last quarter. Morgan Stanley boosted its stake in shares of Nikola by 105.9% during the 3rd quarter. Morgan Stanley now owns 1,430,261 shares of the company’s stock worth $15,261,000 after acquiring an additional 735,564 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Nikola by 19.7% during the 3rd 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. Institutional investors and hedge funds own 48.29% of the company’s stock.

About Nikola (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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