Workhorse Group Inc. [NASDAQ: WKHS] loss -4.23% or -0.03 points to close at $0.58 with a heavy trading volume of 14163299 shares. The company report on September 7, 2023 at 8:30 AM that Workhorse Begins Production of W56 Chassis.
“With the first W56 chassis rolling off the line in Union City, we have reached an important milestone along our product roadmap,” said Workhorse CEO Rick Dauch. “The W56 has advanced technology and features that will be a significant growth driver for us as we work to accelerate the transition to commercial EVs. We have strong customer interest in the W56, and we are confident in our ability to secure firm purchase orders in the fourth quarter and beyond. I want to thank our incredible team for all of their continued hard work in the design, testing, sourcing, production, and assembly of the W56 and our vehicles, which will continue to drive our success forward.”.
It opened the trading session at $0.62, the shares rose to $0.623 and dropped to $0.5465, the range by which the price of stock traded the whole day. The daily chart for WKHS points out that the company has recorded -64.16% loss over the past six months. However, it is still 3.33% higher than its most recent low trading price.
If we look at the average trading volume of 10.00M shares, WKHS reached to a volume of 14163299 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $2.33 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 2.40. 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.
The Average True Range (ATR) for Workhorse Group Inc. is set at 0.07, with the Price to Sales ratio for WKHS stock in the period of the last 12 months amounting to 12.02. The Price to Book ratio for the last quarter was 1.01, with the Price to Cash per share for the same quarter was set at 0.28.
Trading performance analysis for WKHS stock
Workhorse Group Inc. [WKHS] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -25.88. With this latest performance, WKHS shares dropped by -43.28% in over the last four-week period, additionally sinking by -64.16% over the last 6 months – not to mention a drop of -80.97% 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 26.03, with the RSI for the last a single of trading hit 18.39, and the three-weeks RSI is set at 31.79 for Workhorse Group Inc. [WKHS]. The present Moving Average for the last 50 days of trading for this stock 0.9575, while it was recorded at 0.6636 for the last single week of trading, and 1.3695 for the last 200 days.
Workhorse Group Inc. [WKHS]: A deeper dive into fundamental analysis
Workhorse Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.10.
An analysis of Institutional ownership at Workhorse Group Inc. [WKHS]
The top three institutional holders of WKHS stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in WKHS stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in WKHS stock with ownership which is approximately 5.7381%.