WKHS Stock Price: Workhorse Group Inc. ends lower Tuesday, despite Monday’s gains
|- NASDAQ:WKHS ends trading session down 1.41% as hottest sectors fall flat.
- Speculation of Lordstown Motors SPAC deal reason for optimism.
NASDAQ:WKHS ended the trading session lower on Tuesday, falling 1.41% to end at $16.09 per share. After starting the week off on a high note, the electric truck company lost its momentum from the speculation on Monday that a SPAC IPO could be in the works for Lordstown Motors, a company that Workhorse owns a 10% share of. Workhorse started the day in the green, peaking as high as $17.10 per share, but any optimism was quickly dashed as the stock price quickly retreated. The Nasdaq lost 0.81% today, as two of the hottest sectors in big tech and electric vehicles fell flat.
Workhorse Group news: Stock price, Nasdaq end trading day in the red
The electric vehicle industry was up and down on Tuesday, as all eyes are on Tesla’s (NASDAQ:TSLA) earnings announcement on Wednesday. Workhorse rival Nikola (NASDAQ:NKLA) was able to claw back some of the massive losses they have suffered in the past few days, finishing Tuesday at $39.75 per share a far cry from their 52-week high of $93.99 per share. Chinese auto-maker Nio (NASDAQ:NIO) continued its rebound after last week’s Goldman Sachs downgrade.
Workhorse has made all the right moves lately and await word on whether they will be the successful bidder on the USPS contract for their new electric truck fleet. Even if they are not successful in securing the USPS contract, Workhorse already has the boots on the ground advantage in the last-mile delivery industry with thousands of their C-series electric trucks already on the road. Investors should keep a keen eye on the industry in general following the Tesla earnings announcement on Wednesday, as some analysts have already downgraded Tesla ahead of its call.
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