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Nikola is 'a broken stock' and could lose another 75%, one strategist says

Nikola is 'a broken stock' and could lose another 75%, one strategist says

Nikola founder and executive chairman Trevor Milton.
Massimo Pinca/Reuters



Nikola's stock price has been in freefall since a short-seller report accused the company of misleading investors.A 



Steve Kalayjian of Ticker Tocker thinks there could be further pain for the "broken stock" and it could crash to $5, from around $19.50, where it currently trades.A 



The stock received its first sell-rating from Wedbush this week after Nikola CEO Trevor Milton has stepped down.A 



Visit Business Insider's homepage for more stories.

Shares in electric truck maker Nikola have been on a roller-coaster journey this month, ever since a scathing short-seller report complained the company had misled investors and one strategist is predicting the stock could lose another 75% in value.Steve Kalayjian, chief strategist and co-founder of trading platform Ticker Tocker told Business Insider: "Looking at Nikola's stock chart. It's a broken stock. I would avoid it. It could possibly go to $5, it's really hard to tell where it goes from here."The company went public in early June, when it hit a whopping $93.99. It has since lost 80% of its value, closing on Friday at $19.46."There is nothing from a technical view to support it," Kalayjian added.
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