Why Workhorse Group Inc. (WKHS)’s Stock Is Melting Down -3.65% Today

Today’s big question for investors is, “what’s going on with Workhorse Group Inc. (NASDAQ:WKHS) stock? Its price is nose-diving -0.13 points, trading at $3.43 levels, and is down -3.65% from its previous close of $3.56. The shares seem to have an active trading volume day with a reported 573700 contracts so far this session. WKHS shares had a relatively better volume day versus average trading capacity of 1.57 million shares, but with a 53.7 million float and a 16.72% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for WKHS stock indicates that the average analyst price target is $5.75 per share. This means the stock has a potential increase of 67.64% from where the WKHS share price has been trading recently.

During the recent trading session for Workhorse Group Inc. (NASDAQ:WKHS), the company witnessed their stock rise $0.45 over a week and tumble down $-0.04 from the price 20 days ago. When compared to their established 52-week high of $5.37, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 07/31/19. The recent low of $0.5 stood for a -36.13% since 04/17/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.33 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Workhorse Group Inc., the two-week RSI stands at 58.55. This figure suggests that WKHS stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current WKHS readings is similarly very revealing as it has a stochastic reading of 87.62% at this stage. This figure means that WKHS share price today is being oversold.

Technical chart claims that Workhorse Group Inc. (WKHS) would settle between $3.67/share to $3.78/share level. However, if the stock price goes below the $3.35 mark, then the market for Workhorse Group Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $3.14 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.23. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at BTIG Research, assumed coverage of WKHS assigning Buy rating, according to their opinion released on January 31. Maxim Group analysts again handed out a Buy recommendation to Workhorse Group Inc. (NASDAQ:WKHS) stock but they lifted target price for the shares in a flash note issued to investors on January 24. The target price has been raised from $5 to $6. Analysts at Maxim Group are sticking to their Buy stance. However, on May 10, they lifted price target for these shares to $5 from $7.

WKHS equity has an average rating of 2, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated Workhorse Group Inc. (NASDAQ:WKHS) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, WKHS stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/E ratio is 0 while for the average stock in the same group, the multiple is 20.7. Workhorse Group Inc. current P/B ratio of 0 means it is trading at a discount against its industry’s 2.3.

Workhorse Group Inc. (WKHS)’s current-quarter revenues are projected to climb by nearly 3090.5% to hit $670000, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over 38.9% from $763000 to a noteworthy $1.06 million. At the other end of the current quarter income statement, Workhorse Group Inc. is expected to see its adjusted earnings surge by roughly 33.3% to hit $-0.1 per share. For the fiscal year, WKHS’s earnings are projected to climb by roughly -29.9% to hit $-1 per share.