Workhorse Group Inc. [WKHS] Stock trading around $2.60 per share: What’s Next?

Workhorse Group Inc. [NASDAQ: WKHS] slipped around -0.05 points on Thursday, while shares priced at $2.60 at the close of the session, down -1.89%. The company report on October 27, 2022 that Workhorse Group Announces Proposed Settlements of Class Action Lawsuit and Related Shareholder Derivative Actions.


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The settlement class in the class action consists of purchasers of Workhorse stock or other securities between March 10, 2020 and May 10, 2021 seeking to recover damages under the federal securities laws for statements made by Workhorse during that time period. Under the terms of the settlement of the class action and in resolution of all claims, Workhorse will pay $15 million in cash, which will be funded fully by proceeds of available insurance, and $20 million payable in Workhorse stock. Under the terms of the settlement of the shareholder derivative actions, the Company will adopt and/or agree to continue to maintain a series of corporate governance changes regarding the Company’s compliance program and internal controls. The settlements will contain no admission of liability, wrongdoing or responsibility by any of the defendants (including Workhorse) and full releases of all defendants. The settlements will be subject to final documentation, public notice and court approval by the Central District of California (for the class action) and State District Court of Nevada (for the shareholder derivative actions).

Workhorse Group Inc. stock is now -40.37% down from its year-to-date (YTD) trading value. WKHS Stock saw the intraday high of $2.775 and lowest of $2.55 per share. The company’s 52-week high price is 7.80, which means current price is +23.22% above from all time high which was touched on 04/05/22.

Compared to the average trading volume of 3.40M shares, WKHS reached a trading volume of 3394864 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Workhorse Group Inc. [WKHS]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for WKHS shares is $5.83 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on WKHS stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

ROTH Capital have made an estimate for Workhorse Group Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on August 09, 2022. While these analysts kept the previous recommendation, R. F. Lafferty raised their target price from $4 to $6. The new note on the price target was released on March 03, 2022, representing the official price target for Workhorse Group Inc. stock. Previously, the target price had yet another raise to $7, while ROTH Capital analysts kept a Buy rating on WKHS stock.

The Average True Range (ATR) for Workhorse Group Inc. is set at 0.21 The Price to Book ratio for the last quarter was 2.52.

How has WKHS stock performed recently?

Workhorse Group Inc. [WKHS] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.39. With this latest performance, WKHS shares dropped by -6.47% in over the last four-week period, additionally sinking by -14.47% over the last 6 months – not to mention a drop of -63.99% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for WKHS stock in for the last two-week period is set at 48.47, with the RSI for the last a single of trading hit 50.92, and the three-weeks RSI is set at 47.00 for Workhorse Group Inc. [WKHS]. The present Moving Average for the last 50 days of trading for this stock 2.79, while it was recorded at 2.65 for the last single week of trading, and 3.21 for the last 200 days.

Workhorse Group Inc. [WKHS]: Deeper insight into the fundamentals

Return on Equity for this stock declined to -140.85, with Return on Assets sitting at -93.26.

Workhorse Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 8.60 and a Current Ratio set at 9.30.

Insider trade positions for Workhorse Group Inc. [WKHS]

There are presently around $138 million, or 33.50% of WKHS stock, in the hands of institutional investors. The top three institutional holders of WKHS stocks are: BLACKROCK INC. with ownership of 10,076,664, which is approximately -0.566% of the company’s market cap and around 0.30% of the total institutional ownership; VANGUARD GROUP INC, holding 8,017,751 shares of the stock with an approximate value of $20.85 million in WKHS stocks shares; and STATE STREET CORP, currently with $17.76 million in WKHS stock with ownership of nearly 89.108% of the company’s market capitalization.

Positions in Workhorse Group Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 78 institutional holders increased their position in Workhorse Group Inc. [NASDAQ:WKHS] by around 8,739,677 shares. Additionally, 96 investors decreased positions by around 5,935,959 shares, while 67 investors held positions by with 38,319,689 shares. The mentioned changes placed institutional holdings at 52,995,325 shares, according to the latest SEC report filing. WKHS stock had 26 new institutional investments in for a total of 2,438,899 shares, while 31 institutional investors sold positions of 962,344 shares during the same period.

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