Written by Cláudio Afonso | [email protected] | LinkedIn | X
Wolfe Research analyst Scott Group initiated coverage of Nikola shares on Tuesday with a Peer Perform rating and no price target. 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.
Although acknowledging Nikola’s pioneering position in commercializing hydrogen fuel cell electric vehicles, the firm anticipates ongoing EBITDA losses and cash burn over “the next few years”.
However, the firm highlights Nikola’s achievement of having “finally a stable management team in place”, led by a respected CEO and a newly appointed CFO, after “years of controversy and management turnover.”
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%.
The firm Baird began covering Nikola shares on January 24, 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.
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.
Recently, Nikola announced 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
