TD Cowen Has Lowered Expectations for Nikola (NASDAQ:NKLA) Stock Price

Nikola (NASDAQ:NKLA) had its target price lowered by TD Cowen from $10.00 to $4.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research firms have also recently commented on NKLA. Robert W. Baird reduced their target price on Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research note on Friday. DA Davidson reduced their target price on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday, August 12th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $13.50.

Nikola Trading Down 12.4 %

Shares of NKLA stock opened at $3.29 on Friday. 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 52-week low of $3.24 and a 52-week high of $36.30. The business’s fifty day moving average is $4.89 and its 200 day moving average is $9.82.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings data 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 business had revenue of $25.20 million during the quarter, compared to analysts’ expectations of $37.23 million. The company’s revenue was up 1382.4% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NKLA. Diversify Advisory Services LLC bought a new position in shares of Nikola during the first quarter valued at about $43,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Nikola by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,646,363 shares of the company’s stock valued at $4,832,000 after buying an additional 454,804 shares during the last quarter. Capstone Investment Advisors LLC grew its stake in shares of Nikola by 142.3% during the first quarter. Capstone Investment Advisors LLC now owns 584,567 shares of the company’s stock valued at $608,000 after buying an additional 343,273 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Nikola by 90.3% during the first quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock valued at $3,965,000 after buying an additional 1,809,074 shares during the last quarter. Finally, Swiss National Bank grew its stake in shares of Nikola by 5.7% in the first quarter. Swiss National Bank now owns 2,171,500 shares of the company’s stock worth $2,258,000 after purchasing an additional 117,700 shares during the last quarter. 37.38% of the stock is owned by institutional investors.

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.