Workhorse Group (NASDAQ:WKHS) Reaches New 1-Year High at $24.50
Workhorse Group Inc (NASDAQ:WKHS)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $24.50 and last traded at $23.64, with a volume of 56254 shares trading hands. The stock had previously closed at $23.69.
Several analysts recently weighed in on the stock. ValuEngine cut shares of Workhorse Group from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Dougherty & Co initiated coverage on Workhorse Group in a report on Thursday, May 28th. They set a “buy” rating and a $4.50 target price on the stock. Roth Capital lifted their price target on Workhorse Group from $12.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, July 13th. They noted that the move was a valuation call. BTIG Research increased their price objective on Workhorse Group from $10.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, July 1st. Finally, Oppenheimer assumed coverage on shares of Workhorse Group in a report on Wednesday, September 2nd. They set an “outperform” rating and a $23.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Workhorse Group has a consensus rating of “Buy” and an average price target of $17.00.
The company has a market capitalization of $2.67 billion, a PE ratio of -13.70 and a beta of 2.82. The firm has a 50-day moving average of $17.74 and a 200 day moving average of $8.57.
In other Workhorse Group news, major shareholder Joseph Theodore Lukens, Jr. sold 500,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $18.40, for a total transaction of $9,200,000.00. Following the sale, the insider now directly owns 1,500,000 shares of the company’s stock, valued at $27,600,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Duane Hughes sold 62,513 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $16.52, for a total value of $1,032,714.76. Following the sale, the chief executive officer now directly owns 347,589 shares in the company, valued at $5,742,170.28. The disclosure for this sale can be found here. Over the last three months, insiders sold 733,798 shares of company stock valued at $13,102,832. 5.90% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of WKHS. Citigroup Inc. increased its stake in Workhorse Group by 298.7% during the first quarter. Citigroup Inc. now owns 19,288 shares of the company’s stock worth $35,000 after acquiring an additional 14,450 shares during the last quarter. US Bancorp DE purchased a new position in shares of Workhorse Group during the second quarter valued at approximately $35,000. Creative Planning grew its stake in shares of Workhorse Group by 75.1% during the first quarter. Creative Planning now owns 21,645 shares of the company’s stock valued at $39,000 after buying an additional 9,280 shares during the last quarter. Captrust Financial Advisors bought a new position in shares of Workhorse Group during the second quarter valued at approximately $40,000. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Workhorse Group by 78.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,475 shares of the company’s stock worth $42,000 after buying an additional 10,300 shares during the period. 21.43% of the stock is currently owned by institutional investors.
About Workhorse Group (NASDAQ:WKHS)
Workhorse Group Inc designs, manufactures, builds, sells, and leases battery-electric vehicles and aircraft in the United States. It operates through two divisions, Automotive and Aviation. The company also develops cloud-based and real-time telematics performance monitoring systems that enable fleet operators to optimize energy and route efficiency.
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