WKHS Stock Price: Workhorse Group Inc. continues to rise ahead of earnings call
|- NASDAQ:WKHS gains 2.35% despite a negative day for the Nasdaq.
- The electric vehicle sector is mixed, as Tesla falls amidst analyst downgrades.
- An announcement of drone integration with electric trucks has Workhorse investors hopeful.
NASDAQ:WKHS has risen once again on Tuesday, despite all of the major indices ending the day in the red. Workhorse Group rose 2.35%, ending the trading session at $16.10 per share, a nearly 10% rise so far this week. The electric truck maker briefly touched $16.54 per share, before settling back down to its closing price. There has been a slew of optimistic news surrounding Workhorse of late and Tuesday was no different.
The company announced that their C-Series electric trucks have officially been deemed eligible for the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project program in California. Word of this development had leaked several weeks ago, but investors should be bullish following the official announcement from the company.
Workhorse Group News: Stock rises on investor optimism, HVIP eligibility
The electric vehicle sector had another day of mixed results as the Nasdaq dropped 1.27% on Tuesday, driven by a 4.10% drop from Tesla (NASDAQ:TSLA). The sector’s leader has been relatively stagnant since its surprise profit reports last week, but several Wall Street analysts have downgraded the stock in recent days – including today by Bernstein analyst Toni Sacconaghi who downgraded the stock to an Underperform rating.
Workhorse also announced the integration of their Horsefly Drones with their C-Series electric trucks, ahead of the statement from USPS on a potential partnership for a fleet of electric delivery trucks. The announcement is just another feather in the cap for Workhorse, who has been churning out positive news ahead of its earnings call, set to take place in August.
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