Nikola (NASDAQ:NKLA) Coverage Initiated by Analysts at Morgan Stanley

Morgan Stanley initiated coverage on shares of Nikola (NASDAQ:NKLA – Get Rating) in a report released on Monday, The Fly reports. The firm issued an equal weight rating and a $3.00 price objective on the stock.

Several other equities analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft cut their target price on shares of Nikola from $5.00 to $3.00 and set a hold rating for the company in a research note on Friday, February 24th. BTIG Research cut their target price on shares of Nikola from $7.00 to $5.00 and set a buy rating for the company in a research note on Tuesday, January 17th. Finally, Cowen cut their target price on shares of Nikola from $10.00 to $5.00 and set an outperform rating for the company in a research note on Friday, February 24th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $6.00.

Nikola Price Performance

Shares of Nikola stock opened at $1.78 on Monday. Nikola has a 1-year low of $1.60 and a 1-year high of $11.87. The firm has a fifty day simple moving average of $2.38 and a 200-day simple moving average of $3.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 1.14.

Insider Activity

In other news, Director Mark A. Russell sold 75,000 shares of the company’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $2.29, for a total value of $171,750.00. Following the sale, the director now owns 1,959,917 shares of the company’s stock, valued at approximately $4,488,209.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders sold 375,000 shares of company stock worth $885,000. 18.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nikola

Several large investors have recently made changes to their positions in the company. Captrust Financial Advisors grew its holdings in shares of Nikola by 97.2% in the 1st quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock worth $50,000 after purchasing an additional 2,296 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Nikola in the 1st quarter worth about $29,000. Kestra Advisory Services LLC grew its holdings in shares of Nikola by 4.3% in the 3rd quarter. Kestra Advisory Services LLC now owns 79,625 shares of the company’s stock worth $280,000 after purchasing an additional 3,305 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Nikola by 4.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock worth $847,000 after purchasing an additional 3,523 shares during the last quarter. Finally, Castleview Partners LLC grew its holdings in Nikola by 376.0% during the 2nd quarter. Castleview Partners LLC now owns 4,760 shares of the company’s stock worth $1,000,000 after acquiring an additional 3,760 shares during the last quarter. Institutional investors own 20.86% of the company’s stock.

About Nikola

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Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.