Robert W. Baird Lowers Nikola (NASDAQ:NKLA) Price Target to $10.00

Nikola (NASDAQ:NKLA) had its target price cut by equities research analysts at Robert W. Baird from $14.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 166.31% from the company’s previous close.

Separately, DA Davidson reduced their price objective on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $13.50.

Nikola Price Performance

NKLA stock opened at $3.76 on Friday. The business’s fifty day moving average price is $4.98 and its 200 day moving average price is $10.01. Nikola has a 12-month low of $3.72 and a 12-month high of $38.40. The company has a market capitalization of $189.99 million, a PE ratio of -0.26 and a beta of 2.07. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings data on Friday, August 9th. The company reported ($2.67) EPS for the quarter, beating the consensus estimate of ($2.78) by $0.11. The business had revenue of $31.10 million during the quarter, compared to analyst estimates of $26.19 million. Nikola had a negative net margin of 840.44% and a negative return on equity of 86.68%. The business’s revenue for the quarter was up 101.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($7.21) earnings per share.

Insider Activity

In related news, CEO Stephen J. Girsky sold 4,636 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total value of $35,929.00. Following the transaction, the chief executive officer now owns 238,311 shares of the company’s stock, valued at $1,846,910.25. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On Nikola

Several hedge funds have recently added to or reduced their stakes in the stock. Diversify Advisory Services LLC purchased a new position in shares of Nikola in the 1st quarter valued at $43,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Nikola by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,646,363 shares of the company’s stock worth $4,832,000 after purchasing an additional 454,804 shares during the last quarter. Capstone Investment Advisors LLC increased its position in shares of Nikola by 142.3% during the first quarter. Capstone Investment Advisors LLC now owns 584,567 shares of the company’s stock worth $608,000 after purchasing an additional 343,273 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Nikola by 90.3% in the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock valued at $3,965,000 after purchasing an additional 1,809,074 shares during the last quarter. Finally, Swiss National Bank boosted its position in shares of Nikola by 5.7% in the 1st quarter. Swiss National Bank now owns 2,171,500 shares of the company’s stock valued at $2,258,000 after purchasing an additional 117,700 shares during the period. 37.38% of the stock is currently owned by hedge funds and other institutional investors.

About Nikola

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.