Selling Buzz: Nikola Corporation [NKLA] Chief Executive Officer RUSSELL MARK A sells 75,000 shares of the company

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Nikola Corporation shares valued at $342,826 were sold by RUSSELL MARK A on Sep 20. At $4.57 per share, RUSSELL MARK A sold 75,000 shares. The insider’s holdings dropped to 2,812,346 shares worth approximately $12.32 million following the completion of this transaction.

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Also, RUSSELL MARK A sold 91,114 shares, netting a total of over 443,326 in proceeds. Following the sale of shares at $4.87 each, the insider now holds 2,812,346 shares.

Before that, RUSSELL MARK A had sold 150,000 shares from its account. In a trade valued at $769,425, the Chief Executive Officer traded Nikola Corporation shares for $5.13 each. Upon closing the transaction, the insider’s holdings decreased to 150,000 shares, worth approximately $12.32 million.

As published in a research note from BTIG Research on September 14, 2022, Nikola Corporation [NKLA] has been rated up from a Neutral to a Buy and the price target has been revised to $12. This represents a 63.5% premium over Wednesday’s closing price. Analysts at RBC Capital Mkts resumed the stock at ‘”a Sector perform”‘ outlook in a report released in late February. As of February 25, 2022, JP Morgan has reiterated its “Neutral” rating for NKLA. Earlier on February 25, 2022, Deutsche Bank resumed its rating. Their recommendation was “a Hold” for NKLA stock.

Analyzing NKLA’s Price Performance

On Wednesday, Nikola Corporation [NASDAQ: NKLA] plunged -3.95% to $4.38. The stock’s lowest price that day was $4.10, but it reached a high of $4.56 in the same session. During the last five days, there has been a drop of approximately -18.44%. Over the course of the year, Nikola Corporation shares have dropped approximately -55.62%. Shares of the company reached a 52-week high of $11.87 on 03/30/22 and a 52-week low of $4.10 on 09/21/22. A 50-day SMA is recorded $5.96, while a 200-day SMA reached $7.36. Nevertheless, trading volume fell to 19.86 million shares from 11.08 million shares the previous day.

Support And Resistance Levels for Nikola Corporation (NKLA)

According to the 24-hour chart, there is a support level at 4.13, which, if violated, would cause prices to drop to 3.89. In the upper region, resistance lies at 4.59. The next price resistance is at 4.81. RSI (Relative Strength Index) is 30.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.57, which suggests the price will decrease in the coming days. Percent R is at 81.08%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Nikola Corporation subject to short interest?

Stocks of Nikola Corporation saw a sharp rise in short interest on Jul 14, 2022 jumping by 3.89 million shares to 87.16 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 83.27 million shares. A jump of 4.46% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 9.33 of the overall float, the days-to-cover ratio (short ratio) jumped to 9.33.

Which companies own the most shares of Nikola Corporation (NKLA)?

According to The Vanguard Group, Inc. filings, the company currently owns 22,368,936 shares, which is about 5.16% of the total NKLA shares outstanding. The investor’s shares have appreciated by 3,800,081 from its previous 13-F filing of 18568855.0 shares. With the completion of the buy transaction, Norges Bank Investment Management’s stake is now worth $91,328,306. BlackRock Fund Advisors acquire a 24.68% interest valued at $83.74 million while Inclusive Capital Partners LP sold a -600,000 stake. A total of 2,444 shares of Nikola Corporation were sold by Coatue Management LLC during the quarter, and 831,160 were bought by SSgA Funds Management, Inc. In its current portfolio, Geode Capital Management LLC holds 4,575,562 shares valued at $24.53 million.


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