Nikola Corporation (NKLA)

[WeTheMarket]

570,000 Shares in Nikola Co. Acquired by DekaBank Deutsche Girozentrale
Posted by Shane Hupp on Oct 31st, 2022
https://www.tickerreport.com/banking-finance/9639316/570000-shares-in-nikola-co-nasdaqnkla-acquired-by-dekabank-deutsche-girozentrale.html

DekaBank Deutsche Girozentrale acquired a new position in shares of Nikola Co. (NASDAQ:NKLA – Get Rating) during the second quarter, HoldingsChannel.com reports. The firm acquired 570,000 shares of the company’s stock, valued at approximately $2,708,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new stake in Nikola in the first quarter valued at $29,000. Advisory Services Network LLC purchased a new stake in Nikola in the second quarter valued at $50,000. Captrust Financial Advisors raised its position in Nikola by 97.2% in the first quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock valued at $50,000 after purchasing an additional 2,296 shares during the period. Nisa Investment Advisors LLC raised its position in Nikola by 218.2% in the first quarter. Nisa Investment Advisors LLC now owns 6,300 shares of the company’s stock valued at $67,000 after purchasing an additional 4,320 shares during the period. Finally, Sheaff Brock Investment Advisors LLC raised its position in Nikola by 23.8% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 14,575 shares of the company’s stock valued at $69,000 after purchasing an additional 2,800 shares during the period. Hedge funds and other institutional investors own 23.34% of the company’s stock.

Wall Street Analyst Weigh In
A number of research firms have commented on NKLA. BTIG Research upgraded Nikola from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a research report on Wednesday, September 14th. Cowen reduced their target price on Nikola to $12.50 in a research report on Tuesday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Nikola from $7.00 to $8.00 in a research note on Friday, August 5th. Five investment 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.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.83.

Nikola last released its earnings results on Thursday, August 4th. The company reported ($0.41) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.04. The company had revenue of $18.10 million for the quarter, compared to analyst estimates of $16.58 million. During the same period in the previous year, the firm earned ($0.36) earnings per share. The company’s revenue for the quarter was up 1710.0% compared to the same quarter last year. On average, equities analysts forecast that Nikola Co. will post -1.91 earnings per share for the current year.

Insider Buying and Selling
In related news, major shareholder Trevor R. Milton bought 3,000,000 shares of the stock in a transaction that occurred on Wednesday, August 24th. The stock was purchased at an average cost of $5.80 per share, with a total value of $17,400,000.00. Following the purchase, the insider now directly owns 51,047,726 shares of the company’s stock, valued at approximately $296,076,810.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Also, CEO Mark A. Russell sold 75,000 shares of Nikola stock in a transaction dated Monday, October 24th. The stock was sold at an average price of $2.90, for a total value of $217,500.00. Following the sale, the chief executive officer now directly owns 2,812,346 shares of the company’s stock, valued at $8,155,803.40. Insiders sold 1,276,120 shares of company stock valued at $4,667,701 in the last three months. 18.30% of the stock is owned by corporate insiders.

About Nikola
Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector.