- Investors in NASDAQ: WKHS are bracing for a third day of significant losses.
- Workhorse Group Inc still has a promising future if Biden wins and injects money into the post office.
- President Trump's picture with a Lordstown Motors truck is also a positive.
A third day of losses is due for NASDAQ: WKHS – Thursday's pre-market trading is showing another slide of 4% to $24.21. That would follow a significant sell-off on Wednesday, which saw a plunge of 6.72% or $1.82 to a closing price of $25.28.
The electric vehicle maker is now valued at around $2.66 billion, far above the lows, but below the peak.
Technical traders may find solace in the fact that WKHS is still trading above the $22.13 level, which was a low point in late September. Another cushion awaits at $17.67, last month's low. Resistance is at the weekly closing peak of $28.13 recorded on Monday.
Are shares set to extend their slide or is it a buying opportunity? The firm is in the right place and at the right time – making EVs which are in growing demand and also owning a stake in Lordstown Motors, which makes delivery vans – much needed amid the coronavirus pandemic.
WKHS stock news
President Trump is keen to shore up his critical supporters – working-class Whites in rust-belt states. Making America Great Again means supporting firms such as Workhorse. His photo op is telling.
What about former Vice President Joe Biden? The Scranton, Pennsylvania-based politician also boasts his working-class and could also champion such companies that mix American manufacturing and renewable energy which his Democratic Party supports.
More importantly, the party wants to pour money in the US Postal Service and previously passed a bill injecting $25 billion into the government service. The USPS is set to renew its fleet of delivery vehicles and may lean toward greener energy. A clean sweep for Democrats could result in funds flowing to the Loveland, Ohio-based company.
All in all, there are reasons to like Workhorse Group Inc.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.