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.

Yohay Elam FXStreet

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.

AUD/USD sits near a one-month top, above 0.7000 amid fresh USD selling

AUD/USD holds above 0.7000 through the Asian session, trading near a one-month high touched earlier this Monday amid renewed US Dollar selling. US bond yields decline further amid a modest pullback in crude oil prices, capping the USD recovery from a three-week low. Moreover, bets for a November RBA rate hike support the Aussie, though upside seems capped ahead of the crucial two-day FOMC meeting, starting Tuesday.

USD/JPY struggles below 157.00 on weak USD; holds above one-month low ahead of Fed, BoJ meetings

USD/JPY attracts fresh sellers during the Asian session on Monday, stalling its recovery from the lowest level since September 18, touched Friday as a further decline in US bond yields weighs on the US Dollar. Meanwhile, the Japanese Yen benefits from a more hawkish BoJ, further weighing on the currency pair. The downside, however, seems limited as traders keenly await Fed and BoJ policy meetings later this week.

Gold consolidates near $4,000 as recovery remains fragile ahead of Fed decision

Gold (XAU/USD) consolidates modest gains on Monday after last week’s sharp decline pushed the metal to $3,975, its lowest level since August. A pullback in Oil prices offers support as traders react to diplomatic efforts to ease tensions in the Middle East.

Cardano's derivatives and on-chain data confirm bears in control

Cardano extends losses, trading below $0.202 after three consecutive weeks of more than 20% declines since early October. Selling pressure continues to build as weakening derivatives metrics, bearish on-chain signals and a deteriorating technical outlook point to further downside risks. Derivatives data shows a bearish bias for Cardano.

Flight to safety meets a high earnings bar as central bank week begins

Treasuries rallied again, equities are struggling, and central banks and earnings are on the horizon. Last week, US Treasuries rallied for a second consecutive week. This pushed 10s and 30s to 5% and 5.33%, respectively, flattening the curve even as Brent crude rallied about 7% to within striking distance of March peaks at US$119.50, and tech stocks posted a second straight week of losses.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.