Workhorse Stock Is Dropping Because USPS Delayed a Contract Decision. Why That Matters. | Barron's Workhorse Stock Is Tumbling Because USPS Delayed a Contract Decision. Why That Matters. Workhorse investors got some bad news Tuesday. Covid-19 has delayed a USPS decision regarding replacing its delivery trucks.
Full Answer
Is there room for Workhorse Group stock to drop?
May 10, 2021 · Shares of electric-truck maker Workhorse Group ( WKHS -3.56% ) were trading sharply lower on Monday, after the company announced first …
Is Workhorse Group efficiently growing its dividend?
May 06, 2021 · Workhorse stock tanked 50% on the news. The stock has drifted down further since then, but not without bumps along the way. C-1000 (1,000 cu. ft.) Workhorse delivery van. Image source: Workhorse ...
Why is workhorse stock tumbling today?
Feb 23, 2021 · WKHS Stock and the Postal Service Contract. Investors should not be entirely surprised by the 50% plunge in Workhorse shares. The fate of the company seemed to rest heavily on the outcome of the ...
What is the upside for Workhorse Group (WHG) stock?
Nov 25, 2020 · Now what In its recent third-quarter earnings release, Workhorse CEO Duane Hughes guided investors to a "substantially lower amount" of vehicle production and delivery than previously thought...
Will workhorse stock go up?
Struggling electric vehicle (EV) maker Workhorse Group (WKHS) has seen its stock price rise 42% over the last week and today (22 March) is priced at $4.43. Sentiment has turned towards tech stocks with the Nasdaq Composite rising 8% in that time....Workhorse stock news.Long position overnight fee-0.0225%Spread3.052 more rows•Mar 22, 2022
Why are workhorse shares dropping?
Workhorse also said the newly announced testing should be completed in the fourth quarter of 2021. Much of the source of the stock's decline this year came in February when the company lost out on a bid for a 10-year contract with the U.S. Postal Service for new-energy vehicles.Sep 22, 2021
What just happened to workhorse?
Workhorse Group (WKHS) Reports Q4 Loss, Misses Revenue Estimates. Workhorse (WKHS) delivered earnings and revenue surprises of -707.14% and 884.04%, respectively, for the quarter ended December 2021.
Why is workhorse lower today?
and Workhorse Group Inc , are all trading lower as stocks pull back on continued volatility amid Russian military aggression in Ukraine. The conflict has weighed on stocks and economic sentiment.Mar 11, 2022
Is WKHS a good buy?
Is Workhorse Group Inc (WKHS) a Good Buy in the Auto Manufacturers Industry? A rating of 87 puts Workhorse Group Inc (WKHS) near the top of the Auto Manufacturers industry according to InvestorsObserver. Workhorse Group Inc's score of 87 means it scores higher than 87% of stocks in the industry.Jan 3, 2022
Is Workhorse a good buy right now?
Even though Workhorse stock's price looks attractive, it seems best to avoid this stock right now. Irrespective of where the stock's price may move in 2022, the company's fundamentals and long-term prospects don't look very bright as of now.Jan 20, 2022
Will workhorse get the USPS contract?
WASHINGTON, Sept 14 (Reuters) - Electric vehicle company Workhorse Group (WKHS. O) voluntarily dismissed on Tuesday its legal challenge against a U.S. Postal Service (USPS) move to award a multibillion-dollar contract to Oshkosh Defense (OSK. N) for delivery vehicles.Sep 15, 2021
How much is a workhorse truck?
$52,000Workhorse unveils its plug-in electric W-15 pickup truck: $52,000 and 60 kWh battery pack. Last month, Workhorse showed the chassis and plug-in hybrid powertrain of its upcoming electric truck and this week, it unveiled the whole thing.Sep 23, 2021
What happened
After dropping as much as 10% today, shares of Workhorse Group ( NASDAQ:WKHS) closed down only about 3.5%. But even a 10% drop doesn't move the needle of this electric delivery truck maker after shares are up an incredible 825% year to date.
So what
Workhorse isn't the only company in the electric vehicle (EV) sector whose shares have been on a roll lately. Part of the attraction to Workhorse Group is the company is actually manufacturing a product. After a sharp rally in the entire sector, many of the stocks are starting to experience a pullback in share prices.
Now what
In its recent third-quarter earnings release, Workhorse CEO Duane Hughes guided investors to a "substantially lower amount" of vehicle production and delivery than previously thought through the remainder of 2020, mainly due to COVID-19 impacts.
What is the USPS Workhorse Group?
Investors in Workhorse Group previously drove the stock price up based on hopes the company would win at least a portion of a $6 billion USPS contract to replace its fleet with next-generation delivery vehicles. When the U.S. Postal Service (USPS) announced this week that a 10-year contract would go to a subsidiary of Oshkosh ( NYSE:OSH), shares of Workhorse Group immediately tanked 50%.
How many vehicles will Workhorse produce in 2021?
Workhorse Group has plans to produce only 1,800 vehicles in 2021. That limited capacity may have contributed to costing the company the contract. Workhorse Group is now valued at less than $2 billion. It also has orders on its books unrelated to the USPS fleet.
Who is the only electric delivery vehicle maker left as a finalist for the contract?
Workhorse Group was the only all-electric delivery vehicle maker left as a finalist for the contract. In an update provided after the decision was announced, the company said it intends "to explore all avenues that are available to non-awarded finalists."
Where did Howard Howard grow up?
Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. He has been investing since 1989 and been a Fool since 2001. Prior to joining The Fool as a contract writer in 2019, Howard worked in the steel business as an engineer for 28 years.
Is Workhorse Group a buy right now?
9 Wall Street equities research analysts have issued "buy," "hold," and "sell" ratings for Workhorse Group in the last twelve months. There are currently 1 sell rating, 6 hold ratings and 2 buy ratings for the stock. The consensus among Wall Street equities research analysts is that investors should "hold" Workhorse Group stock.
What stocks does MarketBeat like better than Workhorse Group?
Wall Street analysts have given Workhorse Group a "Hold" rating, but there may be better buying opportunities in the stock market. Some of MarketBeat's past winning trading ideas have resulted in 5-15% weekly gains. MarketBeat just released five new stock ideas, but Workhorse Group wasn't one of them.
When is Workhorse Group's next earnings date?
Workhorse Group is scheduled to release its next quarterly earnings announcement on Monday, November 8th 2021.#N#View our earnings forecast for Workhorse Group.
How were Workhorse Group's earnings last quarter?
Workhorse Group Inc. (NASDAQ:WKHS) announced its quarterly earnings results on Monday, August, 9th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of ($0.19) by $0.16. The company had revenue of $1.20 million for the quarter, compared to the consensus estimate of $5.42 million.
How has Workhorse Group's stock been impacted by COVID-19?
Workhorse Group's stock was trading at $2.21 on March 11th, 2020 when COVID-19 reached pandemic status according to the World Health Organization. Since then, WKHS stock has increased by 320.4% and is now trading at $9.29.#N#View which stocks have been most impacted by COVID-19.
What price target have analysts set for WKHS?
9 brokers have issued 12-month price objectives for Workhorse Group's shares. Their forecasts range from $8.50 to $29.00. On average, they anticipate Workhorse Group's stock price to reach $16.71 in the next twelve months.
What is Steve Burns' approval rating as Workhorse Group's CEO?
1 employees have rated Workhorse Group CEO Steve Burns on Glassdoor.com. Steve Burns has an approval rating of 100% among Workhorse Group's employees. This puts Steve Burns in the top 10% of approval ratings compared to other CEOs of publicly-traded companies.
What is Workhorse delivery?
Workhorse is supposed to be commercializing last-mile delivery vehicles. A current target market is for mail and package delivery. In the past, Workhorse has seemingly been on the verge of contracts with several parcel delivery companies, but nothing has quite worked out.
Who is Ian Bezek?
Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek. ...
Is it dangerous to count chickens before they hatch?
That’s a reasonable assumption. But it’s dangerous to count chickens before they hatch.
Does Workhorse own Lordstown?
This is all fine, Workhorse had an equity stake in Lordstown and earned a fat profit for its involvement. As of the latest filings, Workhorse retains a 10% ownership position in Lordstown, and thus has benefited as the share price there increases.
Forces Hanging Over WKHS Stock
Some of the weakness in WKHS can be attributed to a still-pending announcement by the U.S. Postal Service regarding its $6.3 billion next generation delivery vehicle contract. The deal is now expected to happen before the end of the year.
WKHS Stock Weekly Price Chart
The last force at work in WKHS is that all stocks correct. And as some investors have learned, that goes for champs and the most dominant of companies such as Apple (NASDAQ: AAPL ).