Nikola Corp. (NKLA) stock on Monday looked poised to snap a three-session losing streak, with analyst Dan Ives with Wedbush saying it remains a "prove me" stock and keeping its neutral rating on the shares. Nikola last week traded at its lowest since late July following a scathing report from short seller Hindenburg, which called the company an "intricate fraud." Nikola on Monday provided a more detailed response ( the short seller's report, calling it "false and misleading." For Ives, Nikola "is a story stock now and its all about execution looking ahead through 2023." If the company can build out its Arizona factory, turn prototypes into models, and build its its charging network, then the opportunity is "massive." However, "clearly there is much wood to chop to get there over the next 12 to 18 months," the analyst said. Shares of Nikola were recently up more than 4%, and they have gained 223% so far this year, compared with gains around 5% for the S&P 500 index .
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 14, 2020 11:03 ET (15:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.