Short Interest in Nikola Co. (NASDAQ:NKLA) Grows By 54.3%

Nikola Co. (NASDAQ:NKLA - Get Free Report) was the recipient of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 20,840,000 shares, a growth of 54.3% from the November 30th total of 13,510,000 shares. Currently, 25.7% of the company's shares are short sold. Based on an average trading volume of 7,000,000 shares, the days-to-cover ratio is presently 3.0 days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. DA Davidson cut their target price on shares of Nikola from $12.00 to $4.00 and set a "neutral" rating on the stock in a research note on Monday, November 11th. Bryan, Garnier & Co lowered shares of Nikola from a "buy" rating to a "neutral" rating in a report on Thursday, November 7th. TD Cowen cut their price objective on shares of Nikola from $10.00 to $4.00 and set a "hold" rating on the stock in a report on Friday, November 1st. Finally, Robert W. Baird decreased 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. 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 company currently has a consensus rating of "Hold" and an average target price of $12.00.

Hedge Funds Weigh In On Nikola

A number of institutional investors and hedge funds have recently bought and sold shares of NKLA. Barclays PLC raised its position in shares of Nikola by 121.1% during the 3rd quarter. Barclays PLC now owns 9,475 shares of the company's stock worth $43,000 after buying an additional 5,190 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Nikola during the second quarter worth approximately $138,000. One Wealth Management Investment & Advisory Services LLC bought a new stake in Nikola during the third quarter worth approximately $110,000. Point72 DIFC Ltd acquired a new stake in Nikola in the second quarter worth approximately $215,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Nikola during the 2nd quarter valued at $368,000. Institutional investors own 37.38% of the company's stock.

Nikola Stock Performance

Shares of NKLA stock traded up $0.01 during trading hours on Friday, reaching $1.15. The stock had a trading volume of 10,245,013 shares, compared to its average volume of 4,228,356. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94. The firm has a 50-day simple moving average of $2.41 and a 200-day simple moving average of $5.79. The firm has a market capitalization of $70.00 million, a PE ratio of -0.08 and a beta of 1.92. Nikola has a twelve month low of $1.08 and a twelve month high of $34.50.

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

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.