The Vanguard Group, Inc. recently announced the acquisition of new stake in Nikola Corporation (NASDAQ:NKLA). The institutional investor has increased its shareholding in the Industrials company by 8.36% to 24.24 million shares with purchase of 1.87 million shares. This fresh investment now brings its stake to 5.32% valued currently at $91.86 million. In addition, BlackRock Fund Advisors raised its holdings by 0.85 million to 16.48 million shares. And SSgA Funds Management, Inc. has lifted its position by 6.55% or 0.36 million shares – to 5.9 million shares.
With over 9.49 million Nikola Corporation (NKLA) shares trading Friday and a closing price of $2.74 on the day, the dollar volume was approximately $26.0 million. The shares have shown a negative half year performance of -53.72% and its price on 11/18/22 lost nearly -4.53%. Currently, there are 438.42M common shares owned by the public and among those 324.62M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for NKLA have a consensus price objective of $6.44. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $2.50. The average price target is 57.45% above its recent price level and a downside to the estimated low will see the stock lose -9.6% over that period. But an upside of 81.73% will see the stock hit the forecast high price target while median target price for the stock is $5.50.
Insiders at the company have transacted a total of 135 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 50 of these insider trades were purchases, accounting for 8,917,695 shares. Insider sales of the common stock occurred on 85 occasions, with total insider shares sold totaling 14,664,568 shares.
The top 3 mutual fund holders in Nikola Corporation are Government Pension Fund – Global, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. Government Pension Fund – Global owns 17.04 million shares of the company’s stock, all valued at over $64.58 million. Vanguard Total Stock Market Index bought 1.22 million shares to see its total holdings expand to 8.88 million shares valued at over $33.65 million and representing 1.95% of the shares outstanding. Vanguard Small Cap Index Fund bought 1.04 million shares to bring its total holdings to over 7.64 million shares at a value of $28.97 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.68% of the shares outstanding.
Shares of Nikola Corporation (NASDAQ: NKLA) opened at $2.94, up $0.07 from a prior closing price of $2.87. However, the script later moved the day high at 2.9400, down -4.53%. The company’s stock has a 5-day price change of -7.74% and -50.09% over the past three months. NKLA shares are trading -72.24% year to date (YTD), with the 12-month market performance down to -77.89% lower. It has a 12-month low price of $2.52 and touched a high of $13.32 over the same period. NKLA has an average intraday trading volume of 13.09 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 -9.93%, -22.84%, and -55.06% respectively.
Institutional ownership of Nikola Corporation (NASDAQ: NKLA) shares accounts for 25.90% of the company’s 438.42M shares outstanding. Mutual fund holders own 30.02%, while other institutional holders and individual stakeholders account for 9.36% and 16.85% respectively.
It has a market capitalization of $1.37B and a beta (3y monthly) value of 1.49. The earnings-per-share (ttm) stands at -$1.71. The company has a debt-to-equity ratio at 0.53. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.37% over the week and 9.48% over the month.
Analysts forecast that Nikola Corporation (NKLA) will achieve an EPS of -$0.39 for the current quarter, -$0.43 for the next quarter and -$1.08 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.5 while analysts give the company a high EPS estimate of -$0.36. Comparatively, EPS for the current quarter was -$0.22 a year ago. Earnings per share for the fiscal year are expected to decrease by -51.10%, and -17.90% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Nikola Corporation (NKLA) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 6 of the 10 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the NKLA, a number of firms have released research notes about the stock. BTIG Research stated their Buy rating for the stock in a research note on September 14, 2022, with the firm’s price target at $12. RBC Capital Mkts coverage for the Nikola Corporation (NKLA) stock in a research note released on February 25, 2022 offered a Sector Perform rating with a price target of $8. JP Morgan was of a view on February 25, 2022 that the stock is Neutral, while Deutsche Bank gave the stock Hold rating on February 25, 2022, issuing a price target of $19- $11. Cowen on their part issued Outperform rating on February 25, 2022.