Major banks say to buy Nikola on the dip, citing confusion over the quarterly results

Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company

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Investors are selling shares of Nikola following the company's first quarterly report as a public company, but major Wall Street firms think the stock is still a buy, and that the sell-off offers an attractive entry point.

The stock fell more than 15% during early trading on Wednesday. 

"There are catalysts immediately ahead, and we therefore recommend accumulating shares in NKLA," said JPMorgan, while Deutsche Bank said the the stock continues to offer a "favorable near term set up."