Nikola (NASDAQ:NKLA) Price Target Lowered to $4.00 at DA Davidson

Nikola (NASDAQ:NKLA) had its price objective trimmed by DA Davidson from $12.00 to $4.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research firms have also commented on NKLA. Robert W. Baird dropped their price target on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. TD Cowen dropped their price target on shares of Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a research note on Friday, November 1st. Finally, Bryan, Garnier & Co lowered Nikola from a “buy” rating to a “neutral” rating in a research note on Thursday, November 7th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Nikola currently has an average rating of “Hold” and an average target price of $12.00.

Nikola Trading Up 4.1 %

Shares of NKLA stock opened at $2.51 on Monday. The stock’s 50-day moving average is $4.35 and its 200 day moving average is $9.07. Nikola has a 1-year low of $2.16 and a 1-year high of $34.50. The company has a quick ratio of 0.94, a current ratio of 1.17 and a debt-to-equity ratio of 0.71.

Nikola (NASDAQ:NKLA) last posted its earnings results on Thursday, October 31st. The company reported ($2.75) EPS for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.51). The firm had revenue of $25.20 million for the quarter, compared to analysts’ expectations of $37.23 million. Nikola had a negative net margin of 840.44% and a negative return on equity of 95.73%. Nikola’s revenue for the quarter was up 1382.4% compared to the same quarter last year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Unique Wealth Strategies LLC purchased a new position in Nikola during the second quarter worth about $25,000. Summit Securities Group LLC acquired a new position in shares of Nikola during the second quarter worth about $56,000. One Wealth Management Investment & Advisory Services LLC acquired a new position in Nikola in the third quarter valued at $110,000. ProShare Advisors LLC lifted its stake in Nikola by 29.1% in the first quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock valued at $138,000 after buying an additional 29,904 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in Nikola in the 2nd quarter valued at $138,000. 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.