Nikola Co. (NASDAQ:NKLA) Short Interest Update

Nikola Co. (NASDAQ:NKLA) was the target of a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 20,840,000 shares, an increase of 54.3% from the November 30th total of 13,510,000 shares. Based on an average daily trading volume, of 7,000,000 shares, the short-interest ratio is presently 3.0 days. Currently, 25.7% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Bryan, Garnier & Co lowered Nikola from a “buy” rating to a “neutral” rating in a research note on Thursday, November 7th. DA Davidson decreased their price target on Nikola from $12.00 to $4.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. Robert W. Baird cut their price objective on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, TD Cowen reduced their price objective 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. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $12.00.

Nikola Price Performance

Shares of NKLA traded down $0.04 during midday trading on Monday, hitting $1.11. The company’s stock had a trading volume of 7,074,937 shares, compared to its average volume of 4,239,885. 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 has a one year low of $1.08 and a one year high of $34.50. The stock has a market capitalization of $67.56 million, a price-to-earnings ratio of -0.08 and a beta of 1.92. The company’s fifty day simple moving average is $2.41 and its two-hundred day simple moving average is $5.72.

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

Hedge Funds Weigh In On Nikola

A number of institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in Nikola by 121.1% in the third quarter. Barclays PLC now owns 9,475 shares of the company’s stock valued at $43,000 after buying an additional 5,190 shares in the last quarter. One Wealth Management Investment & Advisory Services LLC bought a new position in shares of Nikola in the 3rd quarter valued at $110,000. Sanctuary Advisors LLC bought a new position in shares of Nikola in the 2nd quarter valued at $138,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Nikola by 84.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,312 shares of the company’s stock valued at $208,000 after acquiring an additional 20,723 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in Nikola during the 2nd quarter worth $215,000. 37.38% of the stock is currently owned by institutional investors and hedge funds.

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.