Nikola Sees Unusually High Options Volume (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA - Get Free Report) was the target of some unusual options trading activity on Monday. Investors acquired 125,047 call options on the stock. This represents an increase of 164% compared to the average volume of 47,381 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NKLA shares. DA Davidson lowered their price target on Nikola from $12.00 to $4.00 and set a "neutral" rating for the company in a report on Monday, November 11th. Bryan, Garnier & Co lowered Nikola from a "buy" rating to a "neutral" rating in a research report on Thursday, November 7th. TD Cowen dropped their price objective on Nikola from $10.00 to $4.00 and set a "hold" rating on the stock in a research note on Friday, November 1st. Finally, Robert W. Baird cut their target price on shares of Nikola from $14.00 to $10.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $12.00.

Nikola Stock Performance

NKLA traded down $0.04 during midday trading on Monday, reaching $1.14. The company had a trading volume of 10,969,752 shares, compared to its average volume of 20,963,658. Nikola has a 12-month low of $1.07 and a 12-month high of $34.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.94 and a current ratio of 1.17. The business has a 50-day moving average price of $1.77 and a two-hundred day moving average price of $4.89. The stock has a market cap of $69.39 million, a PE ratio of -0.08 and a beta of 1.99.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Tidal Investments LLC grew its holdings in shares of Nikola by 193.3% during the 3rd quarter. Tidal Investments LLC now owns 140,523 shares of the company's stock worth $644,000 after acquiring an additional 92,612 shares during the period. Barclays PLC raised its stake in shares of Nikola by 121.1% in the third quarter. Barclays PLC now owns 9,475 shares of the company's stock worth $43,000 after purchasing an additional 5,190 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Nikola by 11.5% during the 3rd quarter. Geode Capital Management LLC now owns 524,731 shares of the company's stock valued at $2,404,000 after acquiring an additional 53,966 shares during the last quarter. XTX Topco Ltd bought a new stake in Nikola in the 3rd quarter worth approximately $326,000. Finally, Quadrature Capital Ltd purchased a new stake in Nikola during the third quarter valued at $336,000. 37.38% of the stock is 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.