WKHS Stock News: Workhorse Group Inc. share price rises on optimism for decision in California
|- Analysts raise outlook on WKHS to buy, set $27 as new price target.
- California Air Resource Board designates C-Series vans as zero-emission vehicles.
- Investors hope to ride momentum into Q2 earnings call.
NASDAQ:WKHS finished the trading day 1.71% higher, rising $0.26 per share to close at $15.44. What may be of more interest to investors is the after-hours movement that the stock has seen, rising a further 5.57% after the markets closed today, good for a further $0.86 per share. The green day for the electric vehicle company meant that it outperformed much of its sector today which included rare negative days for Tesla (NASDAQ:TSLA) and Nio (NASDAQ:NIO).
Workhorse Group news: A positive day gives investors hope moving forward
Roth Capitalist analyst Craig Irwin raised his target price for the share to $27 from the previous target of $12. Irwin updated his analysis of the company and called them a potential ‘market leader’ in the electric vehicle delivery industry. While this is a stark contrast to his previous analysis, the share price of Workhorse Group Inc. reflected the optimistic change of heart from the well-known analyst.
Another piece of news that Workhorse revealed today is that they have finally been designated as a zero-emission vehicle by the California Air Resources Board (CARB). This is significant as the designation is a huge step towards qualifying for the California state program where companies can receive monetary incentives for purchasing a zero-emission vehicle under the California Hybrid and Zero-Emission Truck a Bus Voucher Incentive Project or HVIP. Workhorse also revealed that their medium-duty battery electric vehicle is the first of its kind to receive full approval from CARB and the EPA or Environmental Protection Agency. Investors can be optimistic that this influx of good news can carry momentum into the Q2 earnings call which should happen later this summer.
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