Workhorse Group Inc (NASDAQ: WKHS): Stock Forecast For 2024 Still Looks Weak With A -1566.67% Decline

In the last trading session, 15.25 million shares of the Workhorse Group Inc (NASDAQ:WKHS) were traded, and its beta was 2.44. Most recently the company’s share price was $0.21, and it changed around -$0.02 or -5.96% from the last close, which brings the market valuation of the company to $67.12M. WKHS currently trades at a discount to its 52-week high of $1.36, offering almost -547.62% off that amount. The share price’s 52-week low was $0.20, which indicates that the current value has risen by an impressive 4.76% since then. We note from Workhorse Group Inc’s average daily trading volume that its 10-day average is 17.15 million shares, with the 3-month average coming to 9.16 million.

Workhorse Group Inc stock received a consensus recommendation rating of Buy, based on a mean score of 3.40. If we narrow it down even further, the data shows that 0 out of 2 analysts rate the stock as a Sell; another 0 rate it as Overweight. Among the rest, 0 recommended WKHS as a Hold, whereas 2 deemed it a Buy, and 0 rated it as Underweight. Workhorse Group Inc is expected to report earnings per share of -$0.09 for the current quarter.

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Workhorse Group Inc (NASDAQ:WKHS) trade information

Instantly WKHS has showed a red trend with a performance of -5.96% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -40.78% year-to-date, but still up 1.52% over the last five days. On the other hand, Workhorse Group Inc (NASDAQ:WKHS) is -36.74% down in the 30-day period. We can see from the shorts that 52.37 million shares have been sold at a short interest cover period of 5.11 day(s).

The consensus price target as assigned by Wall Street analysts is $2, which translates to bulls needing to increase their stock price by 89.5% from its current value. Analyst projections state that WKHS is forecast to be at a low of $0.5 and a high of $3.5.

Workhorse Group Inc (WKHS) estimates and forecasts

Workhorse Group Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -48.55 percent over the past six months and at a 50.00% annual growth rate that is well above the industry average of 14.80%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 40.00% in revenue this quarter, and will report an increase of 33.30% in the next quarter. The year-over-year growth rate is expected to be 210.30%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $4.13 million in revenue for the current quarter. 3 analysts expect Workhorse Group Inc to make $4.69 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $1.69 million and $3.97 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 143.90%. Forecasts for the next quarter put sales growth at 18.30%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 4.17%.

WKHS Dividends

Workhorse Group Inc’s next quarterly earnings report is expected to be released around May 13 and May 17.

Workhorse Group Inc (NASDAQ:WKHS)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 6.39% of Workhorse Group Inc shares, and 16.36% of them are in the hands of institutional investors. The stock currently has a share float of 17.48%. Workhorse Group Inc stock is held by 203 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 5.76% of the shares, which is about 12.15 million shares worth $10.59 million.

State Street Corporation, with 4.39% or 9.26 million shares worth $8.07 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

SPDR (R) Ser Tr-SPDR� Kensho New Economies Composite ETF and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Aug 30, 2023. The former held 4.93 million shares worth $3.88 million, making up 2.34% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 4.8 million shares worth around $4.19 million, which represents about 2.28% of the total shares outstanding.