WKHS Stock Price: Workhorse Group Inc. rebounds after further analyst upgrade
- NASDAQ:WKHS gains 3.86% as markets rebound from the previous week.
- The electric vehicle sector had a mixed Monday, despite NASDAQ bounceback.
- Analyst upgrade to $26 per share shows considerable growth opportunity.
NASDAQ:WKHS started the week off on the right foot as the stock price rose 3.86% to end Monday’s trading session at $15.73 per share. The NASDAQ added 173 basis points or 1.67% as investors took advantage of the dip that came from the small correction at the end of last week. After peaking as high as $15.93 per share late into the afternoon, the stock pulled back as the trading day closed. It was good news for investors who were pummeled by the sudden 15% over the last five days.
Workhorse Group News: Stock price rises amidst renewed industry optimism
The electric vehicle sector was mixed to open the week as once again the NASDAQ was paced by a jump in Tesla‘s (NASDAQ:TSLA) stock price. The electric vehicle leader rebounded by 8.65% ending the day back over $1500 per share. Workhorse Group Inc., Tortoise (NASDAQ:SHLL) and Nikola (NASDAQ:NKLA) all enjoyed days in the green, with the latter rising nearly 11% on Monday after falling below $30 per share for the first time since debuting as a public company.
BTIG analyst Gregory Lewis upgraded his outlook on the Workhorse stock to a target price of $26, citing the impending possibility of being awarded at least some portion of the USPS contract later this year. This upgrade to $26 per share would be a 73% increase from current prices and would go a long way in establishing Workhorse Group Inc. as one of, if not the leader in the electric delivery truck industry. Lewis gave Workhorse Group Inc. a 'Strong Buy' rating and investors should remain optimistic about the company’s outlook for the rest of 2020.
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