Workhorse Group (WKHS) Lowered to Sell at Zacks Investment Research
Zacks Investment Research cut shares of Workhorse Group (NASDAQ:WKHS) from a hold rating to a sell rating in a report published on Wednesday morning.
According to Zacks, “Workhorse Group Inc. is engaged in designing, developing, manufacturing and selling medium-duty trucks. The Company’s products include trucks comprising powertrain and chassis. Powertrain includes E-GEN and AMP E-100. Chassis include W88, W22, W42 and W62. Workhorse Group Inc., formerly known as AMP Holding Inc., is based in Loveland, United States. “
A number of other equities analysts have also issued reports on WKHS. Cowen decreased their target price on shares of Workhorse Group from $5.50 to $4.00 and set an outperform rating for the company in a research report on Friday, July 13th. B. Riley began coverage on shares of Workhorse Group in a research report on Wednesday, June 20th. They issued a buy rating and a $4.50 target price for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $4.67.
Workhorse Group (NASDAQ:WKHS) last released its quarterly earnings results on Monday, August 6th. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.04). The firm had revenue of $0.17 million for the quarter, compared to the consensus estimate of $0.20 million. Workhorse Group had a negative return on equity of 1,564.64% and a negative net margin of 403.52%. analysts expect that Workhorse Group will post -0.83 EPS for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in WKHS. First Manhattan Co. grew its position in Workhorse Group by 409.8% in the 2nd quarter. First Manhattan Co. now owns 311,000 shares of the company’s stock valued at $566,000 after buying an additional 250,000 shares in the last quarter. Cannell Peter B & Co. Inc. lifted its holdings in Workhorse Group by 6.5% in the 2nd quarter. Cannell Peter B & Co. Inc. now owns 1,122,439 shares of the company’s stock valued at $2,043,000 after acquiring an additional 68,382 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Workhorse Group by 1,165.6% in the 2nd quarter. Bank of America Corp DE now owns 56,357 shares of the company’s stock valued at $103,000 after acquiring an additional 51,904 shares during the last quarter. Hedge funds and other institutional investors own 8.02% of the company’s stock.
About Workhorse Group
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 system that enables fleet operators to optimize energy and route efficiency.
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