NKLA - Nikola falls after BTIG heads to the sidelines after big rally

BTIG lowers its rating on Nikola (NASDAQ:NKLA) to a Hold rating after having it lined up at Buy. Analyst Gregory Lewis and team turn cautious after shares of NKLA rose more than 20% yesterday and more than 50% over the five months. The long-term story on Nikola (NKLA) is still attractive to BTIG and the potential for the hydrogen side of the business is viewed to be worth close to $30 per share as a standalone, but the firm is waiting for more tangible signs of execution before turning constructive again. Shares of Nikola (NKLA) are down 4.46% premarket to $14.75. Read the highlights of Nikola's earnings update.

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Nikola falls after BTIG heads to the sidelines after big rally