WKHS Stock News: Workhorse Group Inc kicks into high gear as analysts relay bullish sentiment
- NASDAQ:WKHS climbs another 5.44% on Wednesday amidst a volatile day for the markets.
- Recent deals for the electric truck company have analysts singing its praises.
- Workhorse CEO capitalizes on stock success and sells some of his holdings.
NASDAQ:WKHS has surged through the early-year market volatility and managed to post consecutive positive days despite many of its peers having a tumultuous start to the year. On Wednesday, Workhorse added another 5.44% and closed the trading session at $23.65 amidst civil unrest at the US Capitol building in Washington, D.C. The current trajectory for Workhorse has it within reach of the stock’s all-time highs of $30.99, especially if the electric truck maker is able to lock down some more contracts later this year.
Workhorse’s recent deals with Pritchard Companies and Pride Group Enterprises signals a change in investor sentiment as the stock was previously being weighed down by the continued delays of the USPS vehicle contract. Oppenheimer analyst Colin Rusch is bullish on Workhorse’s outlook in 2021, estimated a total vehicle delivery of nearly 12,000 trucks by 2024, and has upped his rating to ‘buy’ with a price target of $23. Rusch also estimates that total revenue from the Pride agreement could be upwards of $500 million by the end of it, which bodes well for both the company and its investors.
WKHS stock news
The dangling carrot that is the USPS contract still looms over Workhorse as we approach yet another deadline for the deal. Rusch does state that he believes Workhorse has positioned itself to at least claim a part of that deal, and the recent agreements can only help bolster Workhorse’s reputation in the delivery industry. If Workhorse were to win a substantial portion of the contract, it would certainly mean loyal investors would be in for a massive gain.
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FXStreet
