The Vanguard Group, Inc. recently announced the acquisition of new stake in Nikola Corp (NASDAQ:NKLA). The institutional investor has increased its shareholding in the Industrials company by 27.19% to 55.69 million shares with purchase of 11.91 million shares. This fresh investment now brings its stake to 5.65% valued currently at $54.13 million. In addition, BlackRock Fund Advisors raised its holdings by 3.88 million to 42.56 million shares. And Geode Capital Management LLC has lifted its position by 25.01% or 2.91 million shares – to 14.53 million shares.
With over 144.96 million Nikola Corp (NKLA) shares trading Friday and a closing price of $0.89 on the day, the dollar volume was approximately $129.01 million. The shares have shown a negative half year performance of -19.48% and its price on 12/22/23 gained nearly 6.71%. Currently, there are 985.20M common shares owned by the public and among those 884.71M shares have been available to trade.
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Insiders at the company have transacted a total of 37 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 2,197,431 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 983,892 shares.
The top 3 mutual fund holders in Nikola Corp are Government Pension Fund – Global, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. Government Pension Fund – Global owns 33.58 million shares of the company’s stock, all valued at over $32.64 million. The company bought an additional 16.54 million shares recently to bring their total holdings to about 3.41% of the shares outstanding. iShares Russell 2000 ETF bought 7410.0 shares to bring its total holdings to over 15.07 million shares at a value of $14.65 million. iShares Russell 2000 ETF now owns shares totaling to 1.53% of the shares outstanding.
Shares of Nikola Corp (NASDAQ: NKLA) opened at $0.8371, up $0.01 from a prior closing price of $0.83. However, the script later moved the day high at 0.9300, up 6.71%. The company’s stock has a 5-day price change of -2.37% and -36.51% over the past three months. NKLA shares are trading -59.00% year to date (YTD), with the 12-month market performance down to -63.85% lower. It has a 12-month low price of $0.52 and touched a high of $3.71 over the same period. NKLA has an average intraday trading volume of 72.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.61%, -10.67%, and -30.20% respectively.
Institutional ownership of Nikola Corp (NASDAQ: NKLA) shares accounts for 26.71% of the company’s 985.20M shares outstanding. Mutual fund holders own 13.93%, while other institutional holders and individual stakeholders account for 16.63% and 10.22% respectively.
It has a market capitalization of $872.59M and a beta (3y monthly) value of 1.92. The earnings-per-share (ttm) stands at -$1.57. Price movements for the stock have been influenced by the stock’s volatility, which stands at 14.52% over the week and 10.87% over the month.
Analysts forecast that Nikola Corp (NKLA) will achieve an EPS of -$0.13 for the current quarter, -$0.09 for the next quarter and -$0.39 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.17 while analysts give the company a high EPS estimate of -$0.08. Comparatively, EPS for the current quarter was -$0.37 a year ago. Earnings per share for the fiscal year are expected to increase by 20.17%, and 52.04% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Nikola Corp (NKLA) as a “Moderate Buy” at a consensus score of 2.71. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 6 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NKLA, a number of firms have released research notes about the stock. TD Cowen stated their Market Perform rating for the stock in a research note on May 10, 2023, with the firm’s price target at $5-$1.
