- NASDAQ: WKHS is set to resume trading after the long weekend by consolidating its gains.
- President Donald Trump cheered the return of manufacturing jobs ahead of the long weekend.
- The five previous reasons for Workhorse Group Inc. to rise to remain intact.
Is NASDAQ: WKHS ready to gallop over another hurdle? Workhorse Group Inc's stocks closed the short Independence Day week at $20.91, up from another 9% from the previous day and nearly completing a seven-fold increase since early June. Back then, it traded around $3.
Pre-market trading is showing a minor retreat for the Loveland, Ohio-based company – consolidating previous gains. Nevertheless, after a downside correction, Workhorse may return to riding higher.
Workhorse Group news
Just ahead of the weekend, President Donald Trump came out to the press and cheered the upbeat Non-Farm Payrolls report, highlighting the increase in 356,000 manufacturing jobs. While many workers were just called back to work after the initial lockdowns, Trump trumpeted the rise and also promised that recent trade deals will continue bringing jobs back to America.
Incumbent Trump is trailing rival Joe Biden by some nine points in national polls – making Republican-leaning Ohio a swing state. The president's "base" is white, working-class males without a college degree, many of them in the "rust belt." With the current erosion in his support, Trump may attempt to boost the sector.
In turn, that could be another factor encouraging investors to pile into NASDAQ: WKHS.
Workhorse manufactures electric vehicles, a rising trend. Moreover, the company has an investment in Lordstown Motors, which is working an electric pickup truck – which can be used for deliveries. With raging coronavirus cases – one of the factors playing against Trump – consumers are opting for home deliveries rather than in-person buying.
Overall, Workhorse Group seems to be in the right place at the right time. There are additional reasons to like the company, which all remain intact.
See WKHS Stock Price: Workhorse Group Inc has five reasons to extend its bullish surge
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