Workhorse Group (WKHS) Shares Down 13.4%

Shares of Workhorse Group Inc (NASDAQ:WKHS) were down 13.4% during mid-day trading on Tuesday . The company traded as low as $0.51 and last traded at $0.55. Approximately 518,225 shares traded hands during trading, an increase of 90% from the average daily volume of 273,408 shares. The stock had previously closed at $0.63.

A number of brokerages have weighed in on WKHS. B. Riley set a $4.00 price target on Workhorse Group and gave the stock a “buy” rating in a research report on Wednesday, August 22nd. Zacks Investment Research raised Workhorse Group from a “sell” rating to a “hold” rating in a research report on Saturday, October 13th.

The stock has a market capitalization of $39.94 million, a price-to-earnings ratio of -0.50 and a beta of 0.09.

Workhorse Group (NASDAQ:WKHS) last announced its quarterly earnings results on Wednesday, November 7th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.02. Workhorse Group had a negative return on equity of 1,564.64% and a negative net margin of 499.90%. The company had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $0.60 million. On average, equities research analysts predict that Workhorse Group Inc will post -0.83 EPS for the current year.

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Workhorse Group by 8.4% in the third quarter. Vanguard Group Inc. now owns 1,180,358 shares of the company’s stock worth $1,263,000 after buying an additional 91,823 shares during the last quarter. Cannell Peter B & Co. Inc. lifted its position in shares of Workhorse Group by 6.5% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,122,439 shares of the company’s stock worth $2,043,000 after buying an additional 68,382 shares during the last quarter. First Manhattan Co. lifted its position in shares of Workhorse Group by 89.1% during the 3rd quarter. First Manhattan Co. now owns 588,000 shares of the company’s stock worth $629,000 after purchasing an additional 277,000 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Workhorse Group during the 3rd quarter worth about $115,000. Finally, Bank of America Corp DE lifted its position in shares of Workhorse Group by 1,165.6% during the 2nd quarter. Bank of America Corp DE now owns 56,357 shares of the company’s stock worth $103,000 after purchasing an additional 51,904 shares during the last quarter. 9.14% of the stock is owned by institutional investors.

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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 system that enables fleet operators to optimize energy and route efficiency.

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