WKHS Stock Price: Workhorse Group Inc set for 6x monthly gain with winning trio of trends, Russell 3,000 boost
- NASDAQ: WKHS is changing hands at $15 in pre-market trade on the last month of June.
- Workhorse Group Inc. is making electric delivery vans, a winning mix of trends.
- Stake in electric pickup truck maker allows it to compete with Elon Musk's Tesla.
Electric vehicles are becoming more popular and governments incentives their usage in the past few years. A more recent trend is an increase in demand for deliveries as customers are either forced or scared to shop on the high street.
Workhorse Group Inc. – a small company from Loveland, Ohio, the heart of the "rust belt" – combines these two winning trends. It makes electric delivery vans. Workhorse, trading under NASDAQ: WKHS, is aiming to sell these vans to UPS, FedEx, and DHL.
Workhorse also has a 10% stake in Lordstown Motors, and that may prove a golden egg for the firm.
Steven Burns, its former CEO, founded Lordstown Motors and makes electric pickup trucks. Consumers have been piling into pickup trucks in recent years, amid lower prices. Even if the price at the pump returns to rise – amid falling shale oil production or any other reason – Lordstown Motors may have a winning product. Pickup trucks complete a trio of winning trends.
Competitors include Nikola Motor's Badger and Tesla's Cybertruck. Any comparison to Tesla and its funder Elon Musk adds to the interest in the firm.
Workhorse Group news
The most recent boost to NASDAQ: WKHS stock came from its dramatic announcement that it has been included in the Russell 3000 Index. That means that institutional investors focused on these stocks will now invest in the firm. That includes Exchange Traded Funds, mutual funds, etc.
Shares traded at around $2.5 early in June are now on course to surpass $15 in Tuesday's premarket trading. Looking back to mid-March, when NASDAQ: WKHS had a close low of $1.47, shares are already up around ten-fold, or over 900%.
Broader markets are torn between upbeat economic figures and concerns about rising coronavirus cases in the US.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
