Nikola (NASDAQ:NKLA) shares are tanking today amid a slew of major developments at the EV maker. First, its President and CEO Michael Lohscheller is leaving the company owing to a family health matter and will be vacating his position on the company’s Board as well. Stephen Girsky is taking over the reins as Nikola’s CEO with immediate effect.
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Second, Nikola also announced second-quarter numbers today with revenue declining 15.3% year-over-year to $15.36 million. Net loss per share at $0.20 came in narrower than estimates by $0.02. The company delivered 45 wholesale and 66 retail vehicles during the quarter. Earlier this week, Nikola crossed 200 orders for its Class 8 fuel cell trucks with deliveries expected to commence later this year.
Finally, among approvals for other proposals, the company’s Proposal 2, which will allow it to issue more shares, has received investor approval after garnering enough investor votes.
Overall, the Street has a $4 consensus price target on Nikola alongside a Hold consensus rating. Despite today’s fall, shares of the company are still up ~124% over the past month. At the same time, short interest in the stock is now hovering at 23.6%.
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