Workhorse Group (NASDAQ:WKHS) Releases Earnings Results, Misses Expectations By $0.03 EPS

Workhorse Group (NASDAQ:WKHS – Get Rating) posted its quarterly earnings results on Tuesday. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.03), MarketWatch Earnings reports. During the same period last year, the company earned ($1.04) EPS. Workhorse Group updated its FY 2022 guidance to EPS.

Shares of Workhorse Group stock traded down $0.17 on Wednesday, hitting $2.48. The company had a trading volume of 175,740 shares, compared to its average volume of 5,908,651. The firm has a market capitalization of $376.15 million, a P/E ratio of -0.79 and a beta of 2.94. Workhorse Group has a twelve month low of $2.44 and a twelve month high of $18.59. The company has a debt-to-equity ratio of 0.14, a current ratio of 7.85 and a quick ratio of 7.48. The stock has a 50-day moving average of $3.79 and a 200-day moving average of $4.43.

In related news, Director Pamela S. Mader purchased 12,600 shares of Workhorse Group stock in a transaction dated Tuesday, March 15th. The stock was bought at an average price of $3.18 per share, for a total transaction of $40,068.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders bought 20,600 shares of company stock valued at $67,328 in the last quarter. Corporate insiders own 4.06% of the company’s stock.

Several hedge funds have recently made changes to their positions in WKHS. Morgan Stanley lifted its position in shares of Workhorse Group by 271.7% in the second quarter. Morgan Stanley now owns 1,914,426 shares of the company’s stock worth $31,761,000 after purchasing an additional 1,399,402 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of Workhorse Group in the third quarter worth $84,000. Bank of New York Mellon Corp lifted its position in shares of Workhorse Group by 19.7% in the third quarter. Bank of New York Mellon Corp now owns 500,210 shares of the company’s stock worth $3,826,000 after purchasing an additional 82,233 shares in the last quarter. Citigroup Inc. lifted its position in shares of Workhorse Group by 53.1% in the fourth quarter. Citigroup Inc. now owns 81,948 shares of the company’s stock worth $357,000 after purchasing an additional 28,422 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Workhorse Group by 2.8% in the fourth quarter. Rhumbline Advisers now owns 173,832 shares of the company’s stock worth $758,000 after purchasing an additional 4,813 shares in the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts recently weighed in on WKHS shares. Roth Capital raised shares of Workhorse Group from a “neutral” rating to a “buy” rating and set a $7.00 price target for the company in a research note on Wednesday, March 2nd. R. F. Lafferty upgraded shares of Workhorse Group from a “hold” rating to a “buy” rating and boosted their price objective for the company from $4.00 to $6.00 in a report on Thursday, March 3rd. B. Riley decreased their price objective on shares of Workhorse Group from $7.00 to $6.00 in a report on Wednesday, March 2nd. Zacks Investment Research cut shares of Workhorse Group from a “hold” rating to a “sell” rating in a report on Tuesday, January 25th. Finally, UBS Group upgraded shares of Workhorse Group to a “buy” rating in a report on Wednesday, March 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.92.

About Workhorse Group (Get Rating)

Workhorse Group Inc, a technology company, engages in design, manufacture, and sale of zero-emission commercial vehicles in the United States. The company offers electric and range-extended medium-duty delivery trucks under the Workhorse brand; and HorseFly Unmanned Aerial System, a custom-designed purpose-built all-electric drone system.

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