JPMorgan predicts hot electric vehicle stock Nikola will lose nearly a third of its value

Nikola Motor's Tre semi-truck.
Nikola Motor Company

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Shares of battery-electric and hydrogen-powered truck maker Nikola haven't even been trading for a full month, but the stock already looks fully valued, JPMorgan said Monday in  initiating coverage of the company with a neutral rating. 

The bank is the first of the biggest Wall Street firms to rate the red-hot stock, which has seen shares nearly double since going public through a reverse merger on June 4.