Nikola shares tanked 14% in morning trading as BTIG headed to the sidelines after big rally.
BTIG lowers its rating on Nikola 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.