Arizona State Retirement System increases stake in Nikola Co. (NASDAQ:NKLA)

Arizona State Retirement System increased its stake in Nikola Co. (NASDAQ:NKLA – Free Report) during the fourth quarter by 78.3%, HoldingsChannel reports. The company owned 291,130 shares of the company, after acquiring an additional 127,856 shares during the quarter. Arizona State Retirement System’s holdings in Nikola were worth $255,000 as of the most recent SEC filing.

Several other hedge funds have also recently increased or decreased their stakes in NKLA. Vanguard Group Inc. increased its position in Nikola shares by 27.1% during the third quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock worth $89,029,000 after acquiring an additional 12,085,830 shares during the last quarter. American Century Companies Inc. bought a new stake in Nikola stock worth about $277,000 in the third quarter. Deutsche Bank AG increased its position in shares of Nikola by 16.0% during the third quarter. Deutsche Bank AG now owns 268,344 shares of the company’s stock worth $421,000 after acquiring an additional 37,087 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Nikola by 73.1% during the third quarter. Integrated Wealth Concepts LLC now owns 69,005 shares of the company’s stock worth $108,000 after acquiring an additional 29,148 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Nikola by 38.8% in the third quarter. Manufacturers Life Insurance Company now owns 337,233 shares of the company’s stock worth $529,000 after acquiring an additional 94,191 shares during the last quarter. 37.38% of the shares are held by hedge funds and other institutional investors.

Changes in analyst ratings

NKLA has been the subject of a number of analyst reports. DA Davidson reaffirmed a “neutral” rating and set a $1.00 target price on shares of Nikola in a research report on Tuesday, March 5. Robert W. Baird began reporting on Nikola in a research note on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price target for the company. Finally, Wolfe Research initiated coverage of Nikola in a research note on Tuesday, April 9. They gave the company a peer perform rating.

Check out our latest research report on Nikola

Nikola stock performance

Shares of NKLA opened at $0.64 on Monday. The company has a 50-day moving average of $0.76 and a two-hundred-day moving average of $0.86. The company has a market cap of $860.00 million, a price-to-earnings ratio of -0.51 and a beta of 1.99. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.37. Nikola Co. has a 52-week low of $0.52 and a 52-week high of $3.71.

Nikola (NASDAQ:NKLA – Get Free Report) last reported its quarterly results on Thursday, February 22. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The company had revenue of $11.53 million for the quarter, compared to the consensus estimate of $14.52 million. During the same period last year, the company posted earnings per share of ($0.46). As a group, analysts expect Nikola Co. will post an earnings per share of -0.44 for the current year.

Insider activity

In other news, insider Joseph R. Pike sold 75,162 shares of Nikola stock in a transaction that occurred on Tuesday, March 5. The stock sold at an average price of $0.68, for a total transaction of $51,110.16. Following the sale, the insider now owns 429,790 shares of the company’s stock, valued at $292,257.20. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. Company insiders own 10.00% of the company’s shares.

About Nikola

(Free report)

Nikola Corporation operates as a technology innovator and integrator developing energy and transportation solutions in the United States and internationally. The company is active in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) for the trucking sector.

Also see

Want to see what other hedge funds own NKLA? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Nikola Co. (NASDAQ:NKLA – Free Report).

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