Workhorse Group (NASDAQ:WKHS) Shares Gap Down to $8.45

Workhorse Group Inc. (NASDAQ:WKHS) gapped down prior to trading on Wednesday . The stock had previously closed at $8.45, but opened at $8.28. Workhorse Group shares last traded at $8.20, with a volume of 22,605 shares.

Several research firms recently issued reports on WKHS. Cowen cut their target price on Workhorse Group from $13.00 to $8.50 and set a “market perform” rating on the stock in a research note on Thursday, July 29th. DA Davidson assumed coverage on shares of Workhorse Group in a report on Tuesday, August 10th. They issued a “neutral” rating and a $10.00 price objective for the company. TheStreet lowered shares of Workhorse Group from a “c-” rating to a “d” rating in a report on Wednesday, June 2nd. B. Riley lowered their target price on shares of Workhorse Group from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, August 10th. Finally, Colliers Securities reissued a “neutral” rating on shares of Workhorse Group in a research report on Thursday, July 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $17.14.

The company has a debt-to-equity ratio of 0.90, a quick ratio of 21.65 and a current ratio of 24.46. The firm has a market cap of $1.04 billion, a P/E ratio of 8.05 and a beta of 2.69. The business’s 50-day simple moving average is $10.30 and its 200 day simple moving average is $12.16.

Workhorse Group (NASDAQ:WKHS) last issued its quarterly earnings data on Monday, August 9th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.16). Workhorse Group had a net margin of 1,095.71% and a negative return on equity of 100.88%. The business had revenue of $1.20 million for the quarter, compared to the consensus estimate of $5.42 million. Workhorse Group’s revenue for the quarter was up 1233.3% on a year-over-year basis. As a group, equities research analysts expect that Workhorse Group Inc. will post -1.73 EPS for the current year.

Several hedge funds have recently modified their holdings of the company. Newbridge Financial Services Group Inc. lifted its stake in shares of Workhorse Group by 336.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 6,660 shares of the company’s stock valued at $110,000 after buying an additional 5,135 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of Workhorse Group by 137.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 83,583 shares of the company’s stock valued at $1,387,000 after buying an additional 48,455 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in shares of Workhorse Group during the 2nd quarter valued at $239,000. Morgan Stanley lifted its stake in shares of Workhorse Group by 271.7% during the 2nd quarter. Morgan Stanley now owns 1,914,426 shares of the company’s stock valued at $31,761,000 after buying an additional 1,399,402 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Workhorse Group by 9.9% during the 2nd quarter. Wells Fargo & Company MN now owns 560,368 shares of the company’s stock valued at $9,297,000 after buying an additional 50,628 shares in the last quarter. 38.78% of the stock is owned by hedge funds and other institutional investors.

Workhorse Group Company Profile (NASDAQ:WKHS)

Workhorse Group, Inc is a technology company, which engages in the provision of sustainable solutions to the commercial transportation sector. It operates as an original equipment manufacturer, which designs and builds battery-electric vehicles including trucks and aircraft. The firm also creates all-electric delivery trucks and drone systems.

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