On Wednesday, the electric delivery vehicle manufacturing company Workhorse Group (NASDAQ:WKHS) saw its stock move strongly as it ended up with gains of 20%. There was no fresh news about the company yesterday but it might be a good idea to take a closer look.
Workhorse group got a considerable setback earlier on in the year after the company failed to bag the massive United States Postal Service contract. A look at the company’s fiscal first quarter performance might be important.
Workhorse only delivered six units of the C-Series electric vans and the revenues came in at $521000, far short of the analysts’ estimates of $2.3 million. That being said, it is a strong performance when compared to the year ago period, when the company generated revenues of only $84300. The net losses came in at $120.5 million.
Hence, the situation is not particularly great for those who might be looking into the Workhorse stock at this point. It can possibly be a contrarian bet at best.
Market Action
WKHS stock closed higher by 19.63% to close at $11.52. Total volume was 33.90 million shares, compared to its 30-day average volume of 16.03 million shares.
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