- NASDAQ:WKHS falls 7.8% as electric vehicle sector is hit.
- Workhorse receives voucher eligibility to the NYTVIP for its C-Series trucks.
- Workhorse Group shares have fallen off since being targeted by a short-seller report.
NASDAQ:WKHS has fallen over 30% since its mid-September peak amidst various factors including a short-seller report not unlike those that have been detrimental to companies like Nikola (NASDAQ:NKLA). Shares lost 7.8% on Tuesday to close down at $20.50 sharing in the market selloff that saw electric vehicle makers get trimmed across the board. Combine the Fuzzy Panda’s report with analyst downgrades after the much-anticipated announcement of the USPS new fleet contract being delayed, and it becomes clear that Workhorse’s stock was prime for the correction it is currently mired in.
One positive announcement that has emerged from the Ohio-based company is it has received the approval to hand out monetary vouchers for C-Series truck sales in the state of New York. This is welcome news for investors as in July, Workhorse also received HVIP eligibility in California, meaning two of the largest populations in America locked up for discounts on its truck sales for last-mile deliveries. Also on the horizon is the public offering of Lordstown Motors via SPAC IPO, a company in which Workhorse owns a 10% stake.
The short-seller report is not great news, but investors need to keep in mind that most of these are just formulated opinions, just as bullish analyst upgrades are. Bargain investors with an eye for the long-term future may now see this as a buying opportunity. With the quarterly earnings report scheduled for the second week of November, investors may want to wait to see how the stock behaves leading up to the call.
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