Short Interest in Workhorse Group Inc. (NASDAQ:WKHS) Drops By 94.8%

Workhorse Group Inc. (NASDAQ:WKHS) was the recipient of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 2,740,000 shares, a drop of 94.8% from the May 31st total of 53,070,000 shares. Based on an average trading volume of 880,400 shares, the days-to-cover ratio is presently 3.1 days. Currently, 15.4% of the company’s stock are sold short.

Workhorse Group Stock Performance

Shares of WKHS stock opened at $1.61 on Friday. The stock’s 50 day simple moving average is $3.39 and its 200 day simple moving average is $4.94. Workhorse Group has a twelve month low of $1.58 and a twelve month high of $27.20. The company has a market capitalization of $30.20 million, a price-to-earnings ratio of -0.15 and a beta of 2.96.

Workhorse Group (NASDAQ:WKHS) last issued its quarterly earnings data on Monday, May 20th. The company reported ($2.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.40). Workhorse Group had a negative net margin of 1,005.23% and a negative return on equity of 138.20%. The company had revenue of $1.34 million during the quarter, compared to the consensus estimate of $3.00 million. On average, analysts forecast that Workhorse Group will post -6 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC increased its position in Workhorse Group by 99.8% in the 4th quarter. Sequoia Financial Advisors LLC now owns 100,101 shares of the company’s stock worth $36,000 after buying an additional 50,000 shares during the period. Belpointe Asset Management LLC grew its holdings in shares of Workhorse Group by 183.3% during the 4th quarter. Belpointe Asset Management LLC now owns 100,000 shares of the company’s stock worth $36,000 after purchasing an additional 64,700 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Workhorse Group by 83.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 330,457 shares of the company’s stock valued at $78,000 after buying an additional 149,960 shares in the last quarter. Vanguard Group Inc. boosted its stake in Workhorse Group by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 10,323,640 shares of the company’s stock valued at $2,422,000 after buying an additional 453,085 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Workhorse Group in the 1st quarter valued at $303,000. 15.98% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on WKHS. DA Davidson reduced their price target on Workhorse Group from $20.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, April 1st. R. F. Lafferty reiterated a “sell” rating on shares of Workhorse Group in a report on Wednesday, March 13th.

Workhorse Group Company Profile

Workhorse Group Inc, a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers commercial vehicles under the Workhorse brand. The company was formerly known as AMP Holding Inc and changed its name to Workhorse Group Inc in April 2015.