Author Bio What happened Shares of Nikola (NASDAQ:NKLA) dipped 23.3% in March, according to data from S&P Global Market Intelligence. The electric vehicle (EV) stock slumped amid mixed coverage from analysts and sell-offs for the broader EV space. Many growth-dependent technology companies suffered steep valuation pullbacks last month, and Nikola's sell-off pushed its stock into negative territory on the year. Its share price may also have been negatively impacted by the company announcing that it had filed for a $100 million new stock offering on March 15. Nikola's Tre semi-truck. Image source: Nikola. So what J.P. Morgan analyst Paul Coster published a note on Nikola stock on March 5, downgrading the firm's rating on the stock from overweight to neutral, and lowering his one-year price target on the stock from $33 per share to $30 per share. However, other analysts were more bullish on the stock last month.