Investors Purchase Large Volume of Call Options on Workhorse Group (NASDAQ:WKHS)

Workhorse Group Inc. (NASDAQ:WKHS) was the target of some unusual options trading on Tuesday. Investors bought 15,770 call options on the company. This is an increase of approximately 1,241% compared to the average daily volume of 1,176 call options.

Institutional Investors Weigh In On Workhorse Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Workhorse Group by 4.6% in the first quarter. Vanguard Group Inc. now owns 10,323,640 shares of the company’s stock worth $2,422,000 after acquiring an additional 453,085 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Workhorse Group by 83.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 330,457 shares of the company’s stock worth $78,000 after purchasing an additional 149,960 shares during the period. Swedbank AB purchased a new stake in Workhorse Group in the 1st quarter valued at about $303,000. Sei Investments Co. acquired a new position in Workhorse Group in the second quarter valued at about $69,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Workhorse Group during the second quarter worth about $55,000. 15.98% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, TD Cowen decreased their price target on shares of Workhorse Group from $3.00 to $0.25 and set a “hold” rating on the stock in a research note on Wednesday, August 21st.

Workhorse Group Price Performance

Shares of NASDAQ:WKHS traded up $0.61 during midday trading on Tuesday, hitting $1.80. The company had a trading volume of 21,113,781 shares, compared to its average volume of 1,314,532. Workhorse Group has a twelve month low of $0.57 and a twelve month high of $8.78. The stock has a market cap of $43.85 million, a price-to-earnings ratio of -0.16 and a beta of 2.55. The business’s 50-day simple moving average is $0.76 and its 200-day simple moving average is $1.80.

Workhorse Group (NASDAQ:WKHS) last issued its earnings results on Monday, August 19th. The company reported ($1.40) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.40). Workhorse Group had a negative return on equity of 163.23% and a negative net margin of 1,366.25%. The business had revenue of $0.84 million during the quarter, compared to the consensus estimate of $3.00 million. During the same period last year, the company earned ($2.40) EPS. As a group, sell-side analysts forecast that Workhorse Group will post -4.65 EPS for the current year.

About Workhorse Group

Workhorse Group Inc, a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers commercial vehicles under the Workhorse brand. The company was formerly known as AMP Holding Inc and changed its name to Workhorse Group Inc in April 2015.