State Street Corp Cuts Stock Position in Nikola Co. (NASDAQ:NKLA)

State Street Corp cut its holdings in shares of Nikola Co. (NASDAQ:NKLA) by 7.2% during the third quarter, Holdings Channel.com reports. The fund owned 250,913 shares of the company’s stock after selling 19,528 shares during the period. State Street Corp’s holdings in Nikola were worth $1,149,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in Nikola in the 2nd quarter worth approximately $138,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Nikola by 84.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,312 shares of the company’s stock worth $208,000 after acquiring an additional 20,723 shares during the last quarter. One Wealth Management Investment & Advisory Services LLC purchased a new position in Nikola during the third quarter valued at $110,000. Point72 DIFC Ltd bought a new stake in Nikola in the 2nd quarter valued at $215,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Nikola by 80.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 76,434 shares of the company’s stock worth $328,000 after purchasing an additional 34,193 shares in the last quarter. 37.38% of the stock is currently owned by hedge funds and other institutional investors.

Nikola Price Performance

NASDAQ:NKLA opened at $1.29 on Friday. The firm has a market capitalization of $78.52 million, a price-to-earnings ratio of -0.09 and a beta of 1.92. 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 business has a 50 day simple moving average of $2.17 and a 200-day simple moving average of $5.47. Nikola Co. has a 1 year low of $1.08 and a 1 year high of $34.50.

Nikola (NASDAQ:NKLA) last issued its quarterly 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). Nikola had a negative return on equity of 95.73% and a negative net margin of 840.44%. The company had revenue of $25.20 million during the quarter, compared to the consensus estimate of $37.23 million. The business’s revenue was up 1382.4% compared to the same quarter last year.

Analyst Upgrades and Downgrades

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

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.