The stock of Workhorse Group Inc. (NASDAQ:WKHS) is now priced at $16.42 and the shares are 0.43 points up or 2.72% higher compared to its previous closing price of $15.99. The stock had 9.217 million contracts set over the past session. WKHS shares’ daily volume is compared to its average trading volume at 25.107 million shares. However, it has a float of 96.75 million and although its performance was 5.25% over the week, it’s one to watch. Analysts have given the WKHS stock a yearly average price target of $24.33 per share. It means the stock’s upside potential is 48.17% with the WKHS share price recently placing at $15.56 to $16.45. However, some brokerage firms have priced the stock below the average, including one that has called $20.
The shorts are climbing into the Workhorse Group Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the WKHS shares have risen. Short interest in the stock represents just 20.37% of its float, but the volume has raised by 49059. The volume of shorted shares rised to 19.705 million from 19.656 million shares over the last two weeks. The average intraday trading volume has been 12.715 million shares, which means that days to cover moved to roughly 1.549819.
In the last trading session, Workhorse Group Inc. (NASDAQ:WKHS) raised by $0.82 over the week and gained $0.69 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $22.9. The stock recorded its established 52-week high on 07/02/20.
Since 03/17/20, the stock has traded to a low of $1.32 at 1149.05%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.86. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Workhorse Group Inc.’s two-week RSI is 57.48. This suggests that the stock is neutral at the moment and that WKHS shares’ price movement remains stable. The stochastic readings are equally revealing at 38.17% meaning the WKHS share price is currently in neutral territory.
The technical chart shows that the WKHS stock will likely settle at between $16.73 and $17.03 per share. However, if the stock dips below $15.84, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.26.
Currently, the stock is trading in the green of MACD, with a reading of 0.27. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at ROTH Capital though raised target price of WKHS stock from $12 to $27 but maintained Buy recommendation in their July 13 review. Colliers Securities analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on July 09. BTIG Research analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on July 01, placing it at $26 from $10.
The average rating for the WKHS equity is 2 and is currently gathering a bullish momentum. Of 4 analysts tracking Workhorse Group Inc. polled by Reuters, 1 rated WKHS as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 57.1. Workhorse Group Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 2.1 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Workhorse Group Inc. (NASDAQ:WKHS) will decrease by about -96.97%, which will see them reach $2.78 million. The company’s full-year revenues are, however, expected to diminish by about -94.15%, down from $377 million to $22.04 million. WKHS’s expected adjusted earnings should drop almost -35.29% to end up at -$0.11 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 103.66% to record -$1.67/share.