What's Going On With Nikola Stock?

Nikola Corp NKLA shares are trading higher Monday. The stock appears to be rebounding after facing significant selling pressure on Friday on the back of mixed quarterly results and an abrupt CEO transition. 

What Happened: On Friday, Nikola reported second-quarter revenue of $15.36 million, which missed estimates of $15.43 million, according to Benzinga Pro. The company reported a quarterly loss of 20 cents per share, which beat estimates for a loss of 22 cents per share.

Nikola said it delivered 45 vehicles via wholesale and 66 vehicles via its retail channel in the second quarter. The company also commenced serial production of its hydrogen fuel cell electric truck on July 31. 

A few minutes ahead of the company's second-quarter release, Nikola announced that CEO Michael Lohscheller would step down as president and CEO due to a family health matter, effective immediately. 

Lohscheller will continue to serve in an advisory role until the end of September in order to help the company with a smooth transition process. Board chairman Steve Girsksy has assumed the role of CEO. 

"Since Nikola's inception, I have been a champion of its mission. I am energized to take on this role and build upon the work of Michael and the team," Girsky said.

See Also: Tesla Set To Topple 2 Legacy Auto Giants In Revenue By 2027, Says Analyst: Why Wall Street Estimates For Volume Growth Are 'Way Too Low'

NKLA Price Action: Nikola shares closed Friday down 26.4% at $2.50. The stock was up 9.2% Monday morning at $2.73, at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.