Why Nikola Stock Was Down on Friday

Shares of electric-semi start-up Nikola (NASDAQ: NKLA) were trading lower on Friday as sectorwide pressure on electric-vehicle stocks exacerbated what has been a rough week for the company's shares.

As of 1:30 p.m. EDT, Nikola's shares were down about 12.5% from Thursday's closing price and down more than 39% since last Friday's close.

Nikola was one of several electric-vehicle stocks that was hit by a wave of selling on Friday after a Wall Street analyst issued a post-earnings downgrade on Tesla (NASDAQ: TSLA). Shares of Tesla, NIO (NYSE: NIO), Workhorse Group (NASDAQ: WKHS), and other electric-vehicle companies all fell, but as of 1:30 p.m. EDT, none was down as far as Nikola's on a percentage basis.

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Source Fool.com