- NASDAQ: WKHS has jumped by over 6% on Wednesday, extending its uptrend.
- Workhorse Group Inc's commercial electric vehicles have an advantage amid lockdowns.
- R.F. Lafferty analyst Jaime Perez set a price target of $29, which seems modest in some senses.
Workhorse Group Inc (NASDAQ: WKHS) seems to be in the right place at the right time – and investors are taking note. The Ohio-based firm is benefiting from the trend toward electric vehicles – and growing demand for deliveries amid the raging pandemic.
COVID-19 vaccines are coming – but so is winter. As US coronavirus cases, deaths, and hospitalizations continue rising, state governors are imposing new restrictions. Mask-wearing mandates, school closures – and stay-at-home orders – cause consumers to shy away from streets and shopping malls. Cold temperatures also encourage staying at home and ordering deliveries.
NASDAQ: WKHS shares jumped by 6.31% on Wednesday to close at $22.83. As the chart shows, the current upswing in Workhorse shares is on a moderate slope – not a parabolic one seen in July. The healthy advance could help it extend its gains toward the all-time high of $30.99. an interim target is $26.58, which was a top point in October.
Workhorse Group news
Workhorse's advantage has not been lost on Jaime Perez, an analyst with R. F. Lafferty. Perez initiated coverage of WKHS with a buy rating and an initial target of $29. He stressed that the firm is the current leader in electric commercial vehicles – ahead of Tesla (NASDAQ: TSLA).
Elon Musk's company announced its Cybertruck, but it is still in prototype mode and lacks the vast testing experience that Workhorse has accumulated – five million miles and counting. Another competitor is Ford (NYSE: F) which is dominating America's pickup truck sector and has launched its E-Transit van.
Nevertheless, Workhorse CEO Duane Hughes can probably be pleased with the rating and with his company's stake in Lordstown Motors Corp (NASDAQ: RIDE) run by the same founder, Steve Burns. RIDE has surged by 11.34% on Wednesday and is set to extend its gain, also boosting WKHS shares.
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