BlackRock Fund Advisors recently announced the acquisition of new stake in Workhorse Group Inc (NASDAQ:WKHS). The institutional investor has increased its shareholding in the Consumer Cyclical company by 8.55% to 12.11 million shares with purchase of 0.95 million shares. This fresh investment now brings its stake to 4.64% valued currently at $4.5 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.72 million to 9.98 million shares. And The Vanguard Group, Inc. has lifted its position by 8.19% or 0.7 million shares – to 9.27 million shares.
With over 22.07 million Workhorse Group Inc (WKHS) shares trading Friday and a closing price of $0.36 on the day, the dollar volume was approximately $7.94 million. The shares have shown a negative half year performance of -66.36% and its price on 12/15/23 lost nearly -5.26%. Currently, there are 260.89M common shares owned by the public and among those 252.83M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for WKHS have a consensus price objective of $0.88. The analysts have set the share’s price value over the next 12 months at a high of $1.00 and a low of $0.50. The average price target is 59.09% above its recent price level and an upside to the estimated low will see the stock gain 28.0% over that period. But an upside of 64.0% will see the stock hit the forecast high price target while median target price for the stock is $1.00.
Insiders at the company have transacted a total of 51 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 21 of these insider trades were purchases, accounting for 3,206,346 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 405,003 shares.
The top 3 mutual fund holders in Workhorse Group Inc are Vanguard Total Stock Market ETF, SPDR S&P Kensho New Economies Com, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 5.12 million shares of the company’s stock, all valued at over $1.91 million. iShares Russell 2000 ETF bought 2148.0 shares to bring its total holdings to over 4.37 million shares at a value of $1.63 million. iShares Russell 2000 ETF now owns shares totaling to 1.67% of the shares outstanding.
Shares of Workhorse Group Inc (NASDAQ: WKHS) opened at $0.385, up $0.01 from a prior closing price of $0.38. However, the script later moved the day high at 0.3900, down -5.26%. The company’s stock has a 5-day price change of -12.62% and -36.50% over the past three months. WKHS shares are trading -76.32% year to date (YTD), with the 12-month market performance down to -81.05% lower. It has a 12-month low price of $0.35 and touched a high of $2.60 over the same period. WKHS has an average intraday trading volume of 8.45 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.74%, -11.17%, and -57.16% respectively.
Institutional ownership of Workhorse Group Inc (NASDAQ: WKHS) shares accounts for 20.38% of the company’s 260.89M shares outstanding. Mutual fund holders own 7.34%, while other institutional holders and individual stakeholders account for 8.55% and 12.01% respectively.
It has a market capitalization of $93.92M and a beta (3y monthly) value of 2.68. The earnings-per-share (ttm) stands at -$0.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.55% over the week and 7.85% over the month.
Analysts forecast that Workhorse Group Inc (WKHS) will achieve an EPS of -$0.08 for the current quarter, -$0.08 for the next quarter and -$0.31 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.12 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.24 a year ago. Earnings per share for the fiscal year are expected to increase by 37.30%, and 39.22% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Workhorse Group Inc (WKHS) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the WKHS, a number of firms have released research notes about the stock. ROTH Capital stated their Neutral rating for the stock in a research note on August 09, 2022, with the firm’s price target at $7-$3.50.
