Arizona State Retirement System lifted its position in Nikola Co. (NASDAQ:NKLA – Get Rating) by 21.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,977 shares of the company’s stock after acquiring an additional 15,589 shares during the quarter. Arizona State Retirement System’s holdings in Nikola were worth $194,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in shares of Nikola in the first quarter valued at about $29,000. Captrust Financial Advisors raised its holdings in shares of Nikola by 97.2% in the first quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock valued at $50,000 after acquiring an additional 2,296 shares in the last quarter. Financial Advocates Investment Management bought a new stake in shares of Nikola in the third quarter valued at about $336,000. Verus Capital Partners LLC bought a new stake in shares of Nikola in the third quarter valued at about $36,000. Finally, Integrated Advisors Network LLC bought a new position in Nikola in the third quarter worth about $42,000. 20.86% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts recently commented on NKLA shares. BTIG Research lowered Nikola from a “buy” rating to a “neutral” rating in a research report on Friday, March 31st. Deutsche Bank Aktiengesellschaft lowered their price target on Nikola from $5.00 to $3.00 and set a “hold” rating for the company in a report on Friday, February 24th. Cowen lowered their target price on Nikola from $10.00 to $5.00 and set an “outperform” rating for the company in a report on Friday, February 24th. Morgan Stanley started coverage on Nikola in a research report on Monday, March 13th. They issued an “equal weight” rating and a $3.00 price target on the stock. Finally, TD Cowen lowered Nikola from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $5.00 to $1.00 in a research report on Wednesday, May 10th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.38.
Nikola Stock Down 1.1 %
Nikola (NASDAQ:NKLA – Get Rating) last announced its quarterly earnings results on Thursday, February 23rd. The company reported ($0.46) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.65) by $0.19. The company had revenue of $6.56 million during the quarter, compared to analysts’ expectations of $34.12 million. Nikola had a negative return on equity of 143.04% and a negative net margin of 1,332.76%. As a group, research analysts predict that Nikola Co. will post -0.98 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Mark A. Russell sold 75,000 shares of the company’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $0.79, for a total transaction of $59,250.00. Following the transaction, the director now owns 1,884,917 shares of the company’s stock, valued at $1,489,084.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 18.30% of the company’s stock.
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.
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