- Workhorse Group Inc has received $70 billion in financing.
- Inclusion in the Russell 3000 index increases flows from fund managers.
- NASDAQ: WKHS received a bullish buy recommendation with a target price of $26.
- Elon Musk's Tesla has become the world's most valued carmaker, lifting all EV stocks.
- Robinhood accounts owning the stock surged by 436% in June to 116,000.
NASDAQ: WKHS has been on a winning streak, rising from below $3 in June to near $20 as July kicked off. Premarket trading shows that Workhorse Group Inc. is set to extend its gains by another 8% to around $20.75.
Why is the electric carmaker rising? There are five reasons.
Workhorse Group news
1) Workhorse secured $70 million in new financing: The Loveland, Ohio-based firm received the lump sum from an institutional investor and that will enable it to expand production and provide peace and calm for investors.
2) Russell 3000 inclusion: NASDAQ: WKHS has recently been included in the Russell 3000 index of small stocks. Mutual funds and ETFs will now automatically invest in the firm due to their obligation. That is boosting the stock price and also encouraging private investors to pile in.
3) Bullish recommendation: Gregory Lewis, an analyst with BTIG, upgraded his target for NASDAQ: WKHS big-time – from $10 to $26, a whopping increase of 160%. It is essential to note that price is some 30% above levels that shares are currently changing hands, so there is room for more, at least according to Lewis.
4) Tesla: Elon Musk's firm is undoubtedly the leader in the electric vehicle field, and it has now topped Toyota to become the biggest carmaker – in terms of market capitalization. As Tesla is producing only a fraction of what its legacy automotive competition does, perhaps it is overvalued. That allows other firms such as Workhorse Group to come into the spotlight.
5) Robinhood hype: The accessible trading application has seen a surge in usage and people using it. They may either have free time due to lockdowns – or fewer things to gamble on as sports are shuttered. The young crowd using it often coalesces around specific stocks and NASDAQ: WKHS is an example. Accounts surge by 436% in June to 116,000.
These five reasons to rise join Workhorse Group's core offering, which combines a trio of winning advantages. It is not only limited to operating in the EV industry.
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 under pressure below 1.0600 as mood sours
EUR/USD stays under selling pressure and trades below 1.0600 on Tuesday. The US Dollar finds fresh haven demand on escalating geopolitical tensions amid reports that Kremlin is threatening a nuclear response on Ukraine's use of Western missiles against Russia.
GBP/USD stays below 1.2650 after BoE Governor Bailey testimony
GBP/USD trades in the red below 1.2650 on Tuesday. Although BoE Governor Bailey said a gradual approach to removing policy restraint will help them observe risks to the inflation outlook, the sour mood doesn't allow the pair to gain traction.
Gold extends recovery toward $2,640 as geopolitical risks intensify
Gold price builds on Monday's gains and rises toward $2,640 as risk-aversion grips markets amid intensifying geopolitical tensions between Russia and Ukraine. Meanwhile, the 10-year US Treasury bond yield is down more than 1% on the day, further supporting XAU/USD.
Bitcoin Price Forecast: Will BTC reach $100K this week?
Bitcoin (BTC) edges higher and trades at around $91,600 at the time of writing on Tuesday while consolidating between $87,000 and $93,000 after reaching a new all-time high (ATH) of $93,265 last week.
The week ahead: Powell stumps the US stock rally as Bitcoin surges, as we wait Nvidia earnings, UK CPI
The mood music is shifting for the Trump trade. Stocks fell sharply at the end of last week, led by big tech. The S&P 500 was down by more than 2% last week, its weakest performance in 2 months, while the Nasdaq was lower by 3%. The market has now given back half of the post-Trump election win gains.
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.