Nikola (NASDAQ:NKLA) Price Target Cut to $4.00 by Analysts at DA Davidson

Nikola (NASDAQ:NKLA) had its target price decreased by DA Davidson from $12.00 to $4.00 in a research note published on Monday morning,Benzinga reports. DA Davidson currently has a neutral rating on the stock.

A number of other research firms also recently weighed in on NKLA. Bryan, Garnier & Co downgraded shares of Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Robert W. Baird dropped their price objective on Nikola from $14.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, TD Cowen decreased their price target on Nikola from $10.00 to $4.00 and set a “hold” rating on the stock in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.00.

Nikola Price Performance

Shares of NASDAQ NKLA opened at $3.12 on Monday. The firm has a market cap of $189.91 million, a P/E ratio of -0.22 and a beta of 2.07. The business’s 50 day moving average is $4.42 and its 200-day moving average is $9.12. The company has a current ratio of 1.17, a quick ratio of 0.94 and a debt-to-equity ratio of 0.71. Nikola has a 1-year low of $2.91 and a 1-year high of $34.80.

Nikola (NASDAQ:NKLA) last posted its 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 return on equity of 95.73% and a negative net margin of 840.44%. The firm had revenue of $25.20 million for the quarter, compared to analyst estimates of $37.23 million. Nikola’s quarterly revenue was up 1382.4% compared to the same quarter last year.

Hedge Funds Weigh In On Nikola

A number of institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC increased its stake in shares of Nikola by 137.9% in the third quarter. SG Americas Securities LLC now owns 264,773 shares of the company’s stock valued at $1,213,000 after buying an additional 153,494 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of Nikola during the second quarter valued at $2,214,000. Nantahala Capital Management LLC acquired a new position in shares of Nikola during the second quarter worth $819,000. Sanctuary Advisors LLC bought a new stake in shares of Nikola in the second quarter worth $138,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Nikola in the second quarter valued at $368,000. Institutional investors and hedge funds own 37.38% of the company’s stock.

Nikola Company Profile

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.