Commonwealth Equity Services LLC now owns 53,496 shares of the company’s stock valued at $267,000 after acquiring an additional 5,261 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Workhorse Group by 10.9% during the 1st quarter. Advisory Services Network LLC now owns 32,400 shares of the company’s stock valued at $84,000 after acquiring an additional 4,694 shares during the period. Advisory Services Network LLC lifted its position in shares of Workhorse Group by 16.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 21,572 shares of the company’s stock valued at $94,000 after acquiring an additional 4,094 shares during the period. Teacher Retirement System of Texas lifted its position in shares of Workhorse Group by 23.4% during the 4th quarter. Lincoln National Corp now owns 24,611 shares of the company’s stock valued at $123,000 after acquiring an additional 3,993 shares during the period. Lincoln National Corp lifted its position in shares of Workhorse Group by 19.4% during the 1st quarter. Private Advisor Group LLC now owns 18,103 shares of the company’s stock valued at $47,000 after acquiring an additional 3,912 shares during the period. Private Advisor Group LLC lifted its position in shares of Workhorse Group by 27.6% during the 2nd quarter. Get Workhorse Group alerts:Ī number of institutional investors have recently modified their holdings of the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.25. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Finally, DA Davidson lowered their price objective on Workhorse Group from $5.00 to $3.00 in a research report on Monday, May 16th. Cowen lifted their price target on Workhorse Group to $5.50 in a report on Monday. Roth Capital downgraded shares of Workhorse Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $7.00 to $3.50 in a research report on Tuesday, August 9th. Several brokerages have issued reports on WKHS. The stock had previously closed at $4.14. Approximately 29,592 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 5,677,685 shares. The company traded as low as $3.84 and last traded at $3.86. ( NASDAQ:WKHS – Get Rating) shares traded down 6.8% during trading on Wednesday. With the large USPS contract seen as just a bonus, investors will do well in this stock with a market cap at only $3 billion and an annual market opportunity topping $18 billion.Workhorse Group Inc. As long as the company continues to make progress in attracting orders outside of the USPS contract and expanding capacity, the stock will remain a strong growth story. The key investor takeaway is that Workhorse will remain a highly volatile stock in the EV space. In addition, supply chain issues with a battery supplier isn’t helping the recent slow production ramp. The company currently has a cash balance of only $260 million, so Workhorse is going to need to grow manufacturing capacity and possibly work with Lordstown Motors to build out capacity. More contracts and even winning a portion of the USPS deal will set up Workhorse for a bright future in the EV delivery truck sector without needing to hit these initial financial targets.
Investors should expect the EV delivery truck company to fail to reach these analyst revenue estimates, while the stock could still rally.Īs investors have seen with Tesla over the years, the stock will trade based on the company making progress towards the growth story. To reach these estimates, Workhorse would either have to hit a higher ASP (average selling price) or to actually deliver up to 2,800 vehicles. The company doesn’t even expect to deliver 450 vehicles per quarter in 2021 after failing to reach an original meager goal of 300 to 400 vehicles in 2020.Īnalysts have aggressive 2021 targets with revenue estimates of $139 million. Combined with the recent rollout of the Ryder contract, Workhorse is far less reliant on the USPS contract.ĭespite the work with the USPS for years now, Workhorse is still very unproven as far as an EV manufacturer. The order follows an initial 500 C-1000 delivery vehicle order from Pritchard Companies, which has developed a distribution network of commercial vehicles with sales topping 30,000 units annually. The deal starts in July and runs through 2026 and would have a value of over $300 million based on a truck ASP of $50,000. While the government continues to delay the awarding of the estimated $6.3 billion contract, Workhorse signed a deal with Pride Group Enterprises for 6,320 C-Series all-electric delivery vehicles.
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