Insider Selling: Nikola Co. (NASDAQ:NKLA) CEO Sells 150,000 Shares of Stock

Nikola Co. (NASDAQ:NKLAGet Rating) CEO Mark A. Russell sold 150,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $5.29, for a total transaction of $793,500.00. Following the sale, the chief executive officer now owns 2,812,346 shares in the company, valued at approximately $14,877,310.34. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Nikola Trading Down 10.5 %

NASDAQ NKLA opened at $4.58 on Tuesday. The business’s 50-day moving average price is $5.99 and its two-hundred day moving average price is $6.73. Nikola Co. has a 12 month low of $4.41 and a 12 month high of $15.56. The firm has a market capitalization of $1.99 billion, a PE ratio of -2.48 and a beta of 1.39. The company has a current ratio of 2.15, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46.

Nikola (NASDAQ:NKLAGet Rating) last announced its earnings results on Thursday, August 4th. The company reported ($0.41) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.04. The business had revenue of $18.10 million for the quarter, compared to the consensus estimate of $16.58 million. During the same quarter in the previous year, the company earned ($0.36) EPS. The firm’s revenue for the quarter was up 1710.0% on a year-over-year basis. On average, analysts expect that Nikola Co. will post -1.89 EPS for the current year.

Institutional Investors Weigh In On Nikola

Several institutional investors and hedge funds have recently made changes to their positions in NKLA. Envestnet Asset Management Inc. boosted its position in shares of Nikola by 70.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 29,403 shares of the company’s stock valued at $290,000 after purchasing an additional 12,150 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of Nikola by 23.5% during the 4th quarter. Teacher Retirement System of Texas now owns 31,204 shares of the company’s stock valued at $308,000 after purchasing an additional 5,930 shares in the last quarter. Citigroup Inc. boosted its position in shares of Nikola by 6.7% during the 4th quarter. Citigroup Inc. now owns 114,113 shares of the company’s stock valued at $1,126,000 after purchasing an additional 7,189 shares in the last quarter. Rhumbline Advisers raised its stake in Nikola by 2.7% during the 4th quarter. Rhumbline Advisers now owns 230,966 shares of the company’s stock worth $2,280,000 after buying an additional 5,973 shares during the period. Finally, Bank of Montreal Can raised its stake in Nikola by 711.9% during the 4th quarter. Bank of Montreal Can now owns 101,165 shares of the company’s stock worth $1,036,000 after buying an additional 88,705 shares during the period. Institutional investors own 23.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Cowen cut their target price on shares of Nikola to $12.50 in a research report on Tuesday, August 9th. BTIG Research upgraded Nikola from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Wednesday, September 14th. Deutsche Bank Aktiengesellschaft boosted their price objective on Nikola from $7.00 to $8.00 in a research report on Friday, August 5th. Finally, Evercore ISI set a $10.00 price objective on Nikola in a research report on Monday, June 20th. Five equities research 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, Nikola presently has a consensus rating of “Hold” and a consensus price target of $10.83.

Nikola Company Profile

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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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