WKHS Stock Price: Workhorse Group Inc set to resume gains amid shocking covid surge, Biden's win

  • NASDAQ: WKHS is set to resume its rises on Friday after consolidating its gains on Thursday. 
  • Workhorse Group Inc's share prices have considerable upside potential according to a recent analyst note. 
  • The ongoing increase in US coronavirus statistics may increase the demand for delivery vans the firm produces.

Stock trading is never a one-way street – Workhorse Group Inc (NASDAQ: WKHS) has consolidated its gains by shedding some 0.22% on Thursday after jumping by over 6% on Wednesday. For investors holding the stock, the minor losses after a substantial surge serve as a bullish signal – a minimal consolidation before another potential surge. 

Such a resumption of gains may occur as early as Friday. WKHS shares are changing hands at an increase of some 3% in premarket trading. The downside correction – necessary for profit-taking to prevent an entry into overbought conditions – has been shallow, showing fresh demand for Workhorse Group's stock.

Workhorse Group news

The most recent boost for the Loveland, Ohio-based company came from an upbeat buy recommendation by Jaime Perez of R.F. Lafferty. He initiated coverage with a price target of $29, a substantial climb from the current pricing around the $23 handle. 

Perez noted that Workhorse has an edge in the market for electric commercial vehicles. As mentioned previously, the carmaker combines two trends – the move to electric automobiles, and the growing demand for deliveries. 

Both trends have received a boost in the past 24 hours. President-elect Joe Biden was confirmed the winner in Georgia, dismissing doubts about his entry to the White House. The former Vice-President is a proponent of environmental-friendly policies

The other trend received a push from depressing coronavirus developments. The US hit a new daily peak of COVID-19 cases above 180,000, while hospitalizations also hit an all-time high of over 80,000. Moreover, the Center for Disease Control and Prevention (CDC) called Americans not to travel for Thanksgiving. Staying at home means more home deliveries, at least for the time being. 

More WKHS Stock Price: Workhorse Group Inc has five reasons to extend its bullish surge

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 


GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.


XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info