- NASDAQ:WKHS climbs another 5.44% on Wednesday amidst a volatile day for the markets.
- Recent deals for the electric truck company have analysts singing its praises.
- Workhorse CEO capitalizes on stock success and sells some of his holdings.
NASDAQ:WKHS has surged through the early-year market volatility and managed to post consecutive positive days despite many of its peers having a tumultuous start to the year. On Wednesday, Workhorse added another 5.44% and closed the trading session at $23.65 amidst civil unrest at the US Capitol building in Washington, D.C. The current trajectory for Workhorse has it within reach of the stock’s all-time highs of $30.99, especially if the electric truck maker is able to lock down some more contracts later this year.
Workhorse’s recent deals with Pritchard Companies and Pride Group Enterprises signals a change in investor sentiment as the stock was previously being weighed down by the continued delays of the USPS vehicle contract. Oppenheimer analyst Colin Rusch is bullish on Workhorse’s outlook in 2021, estimated a total vehicle delivery of nearly 12,000 trucks by 2024, and has upped his rating to ‘buy’ with a price target of $23. Rusch also estimates that total revenue from the Pride agreement could be upwards of $500 million by the end of it, which bodes well for both the company and its investors.
WKHS stock news
The dangling carrot that is the USPS contract still looms over Workhorse as we approach yet another deadline for the deal. Rusch does state that he believes Workhorse has positioned itself to at least claim a part of that deal, and the recent agreements can only help bolster Workhorse’s reputation in the delivery industry. If Workhorse were to win a substantial portion of the contract, it would certainly mean loyal investors would be in for a massive gain.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stabilizes near 1.0550 despite soft German inflation data
EUR/USD fluctuates in a narrow range near 1.0550 in the American session on Thursday. Soft inflation data from Germany makes it difficult for the Euro to gather strength, limiting the pair's upside, while US markets remain closed in observance of the Thanksgiving Day holiday.
GBP/USD trades below 1.2700 on modest USD recovery
GBP/USD struggles to gain traction and moves sideways below 1.2700 on Thursday. The US Dollar corrects higher following Wednesday's sharp decline, not allowing the pair to gain traction. The market action is likely to remain subdued in the American session.
Gold maintains shallow recovery on Fed rate-cut bets
Gold extends its shallow recovery from Tuesday’s lows as it trades in the $2,640s on Thursday. The yellow metal is seeing gains on the back of cementing market bets that the Fed will go ahead and cut US interest rates at its December meeting.
Fantom bulls eye yearly high as BTC rebounds
Fantom (FTM) continued its rally and rallied 8% until Thursday, trading above $1.09 after 43% gains in the previous week. Like FTM, most altcoins have continued the rally as Bitcoin (BTC) recovers from its recent pullback this week.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.