- NASDAQ:WKHS plummets a further 8.90% as global markets selloff.
- Workhorse Group sets quarterly earnings report for November 9th.
- Lordstown Motors officially goes public via SPAC IPO.
NASDAQ:WKHS has officially hit its correction as the Ohio-based electric truck maker has shed nearly 35% of its stock price over the past month. Shares dipped once again on Monday amidst a broader market selloff, as Workhorse ended the trading session down to $18.53, its lowest levels in nearly two months. Workhorse has had a whirlwind of a year as the stock has still garnered investors a near 570% return from its humble beginnings as a penny stock.
Workhorse has officially announced November 9th as its quarterly earnings call and investors will be curious to know the status of the brand new C-Series delivery vans that have hit the market. CEO Duane Hughes will most likely field questions about the pending USPS electric delivery truck contract that Workhorse has been rumored to be involved in, as well as an outlook for potential growth in 2021. Workhorse recently received NYTVIP voucher eligibility in the state of New York, which is excellent news regarding the possibility of selling trucks at a discounted price to delivery companies. The program will allow companies who buy Workhorse trucks to receive monetary vouchers of $44,328 and $48,328 depending on the model.
WKHS stock news
Some good news on Monday for Workhorse Group was that Lordstown Motors (NASDAQ:RIDE) finally made its long-awaited debut on Wall Street and surged on its first day of trading despite the market sell-off. Lordstown is a company in which Workhorse owns a 10% stake, which could translate to an added revenue stream moving forward, depending on how Lordstown does. With the backing of General Motors (NYSE:GM) and the involvement of Workhorse, Lordstown could have a bright future ahead.
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