Nikola Target of Unusually High Options Trading (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the target of unusually large options trading activity on Thursday. Stock investors bought 107,074 put options on the company. This represents an increase of 101% compared to the average volume of 53,209 put options.

Hedge Funds Weigh In On Nikola

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC boosted its position in shares of Nikola by 137.9% during the 3rd quarter. SG Americas Securities LLC now owns 264,773 shares of the company’s stock valued at $1,213,000 after purchasing an additional 153,494 shares in the last quarter. Geode Capital Management LLC lifted its stake in Nikola by 11.5% in the third quarter. Geode Capital Management LLC now owns 524,731 shares of the company’s stock valued at $2,404,000 after buying an additional 53,966 shares during the period. Tidal Investments LLC boosted 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 buying an additional 92,612 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Nikola during the 2nd quarter worth approximately $2,214,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 worth $208,000 after buying an additional 20,723 shares during the period. 37.38% of the stock is owned by institutional investors and hedge funds.

Nikola Price Performance

Nikola stock opened at $0.91 on Friday. The stock has a 50-day moving average price of $1.45 and a two-hundred day moving average price of $4.48. Nikola has a 12 month low of $0.76 and a 12 month high of $34.50. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $55.57 million, a PE ratio of -0.06 and a beta of 1.99.

Nikola (NASDAQ:NKLA) last released its quarterly earnings results on Thursday, October 31st. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($0.51). The business had revenue of $25.20 million for 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 firm’s quarterly revenue was up 1382.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. DA Davidson dropped their price target on 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 cut shares of Nikola from a “buy” rating to a “neutral” rating in a research note on Thursday, November 7th. Robert W. Baird decreased their target price 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 for the company 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.