Workhorse Group Inc. (NASDAQ: WKHS), a producer of electric commercial vehicles, had its stock rise 38.84 percent in one month to $5.04 in trade on April 5. Investors have regained some hope as a result of the new contract and an improvement in the general market environment.
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WKHS shares have plummeted since the middle of last year, owing to a general downturn in indices, substantial losses, and a defeat in the fight for the USPS contract in February 2021. Workhorse’s status, on the other hand, has improved this spring.
The disclosure that WKHS’ own CEO had purchased 50,000 shares of the company was one of the main drivers. This drew the attention of investors who acquired WKHS stock based on social media excitement last year.
Workhorse’s revelation on the last day of February that it had inked a multi-year partnership with automobile chassis producer GreenPower Motor was another major factor. Starting in July 2022, a total of 1,500 chassis are planned to be supplied. WKHS wants to boost deliveries and sell finished automobiles as a result of this deal.
Rising gasoline prices, which force commercial vehicle owners to invest more in reducing operating expenses, might be another driver of Workhorse electric van sales growth.
The excellent news was overshadowed by the introduction of additional Workhorse shares for $175 million. Dilution of the company’s stock has been a long-standing issue. Workhorse Group Inc. (WKHS) has 4 million shares in 2013, but by 2022, it will have more than 150 million.
As a result, once mass production is established and a continuous flow of contracts is established, Workhorse shares are anticipated to become less risky and erratic.
The stock of Workhorse Group Inc. (WKHS) has been up 1.61% in the last week but is up 12.25% in the previous quarter. Going back further, the stock has been down -26.96 percent in the previous six months but is up 15.60 percent year-to-date.