Written by Cláudio Afonso | [email protected] | LinkedIn | X
As of today, the electric and hydrogen-powered truck company Nikola counts 399 institutional shareholders holding a total of 462,262,466 shares. The figure represents a new all time high for the Phoenix-based company as shares rise.
Institutional holdings rose over 67% since the beginning of the year when institutions held slightly more than 275 million shares. Based on Friday’s closing price, the shares of the company were up 52.24 per cent over the last month and up 16.60 per cent year to date.
The largest shareholder of Nikola is the Norwegian Norges Bank, which disclosed ownership of over 107 million shares (107,033,812), representing 9.25% of the company as of late January. This marks a substantial increase from their previous filing on February 14, 2023, where they reported owning 33,581,371 shares, indicating a growth of 218.73%.
Other significant shareholders include Vanguard Group and BlackRock, holding 77,145,785 and 54,118,269 shares, respectively, as of the end of March.
The firm Baird began covering Nikola on January 24th, giving it an Outperform rating and setting a $2 price target. The analyst perceives considerable potential in the zero-emissions trucking market and believes that Nikola now has the appropriate management team to seize this opportunity.
According to the firm, the company’s exclusive design and software set it apart from conventional diesel trucks. They anticipate potential catalysts in the future for both the truck and energy divisions, including enhancements in manufacturing, customer and partnership announcements, and the development of hydrogen infrastructure.
Last Friday, Nikola saw its shares close at $1.02, up more than 7%, pushing its market cap to around $1.36 billion, considering its outstanding shares of approximately 1.34 billion. The stock emerged as the third most traded stock, with a trading volume exceeding 114 million shares.
After trading below $1 for months, Nikola’s shares finally closed above the critical $1 mark on March 28th. This achievement comes after trading below $1 since early December.
| Period | Performance of Nikola’s stock |
|---|---|
| 5 Day | -1.92% |
| 1 Month | 52.24% |
| 3 Month | 32.12% |
| Year to date | 16.60% |
| 1 Year | -16.39% |
In other news, Nikola announced on Thursday that it produced and wholesaled 43 and 40 Class 8 hydrogen fuel cell electric vehicles, respectively, at its factory in Coolidge, Arizona.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
