That makes the USPS decision a bigger deal for the stock. soared Monday as Congress members questioned a huge stock trade in a Workhorse rival and introduced legislation that could help the company win. We didn’t see things going so well so quickly now. Share of electric vehicle maker Workhorse Group Inc. The average analyst price target for Workhorse stock dropped from north of $25 to about $24 following the downgrade.īarron’s recently wrote positively about Workhorse believing there was a good chance for a USPS win. The average Buy-rating ratio for a Dow-component stock is about 58%, with an average coverage of about 30 analysts. Its C1000 design features a light body with 1,000 cubic feet of storage, and a short range that recharges overnight. With the downgrade now three out of five analysts covering the stock rate shares at Buy. Postal Service contract, which Workhorse has yet to win, for 140,000 electric mail trucks. “We always viewed political optics of an award before the election as essential, and now see increased risk for an award,” wrote Irwin in his Tuesday downgrade report, adding, “Workhorse’s proposal would be a good solution.” Workhorse Group Sets Second Quarter 2021 Earnings Call Jul 29, 2021: Workhorse Appoints Richard F. The delay, however, was enough for Irwin to downgrade the stock from Buy to Hold. It’s fair to say Workhorse is a high-expectation stock.
Shares are up 700% year to date, crushing comparable returns of the But it’s unclear what the impact on the stock would be if Workhorse wins part of the contract. Remember, just because the contract was delayed doesn’t mean Workhorse Group is. That’s good for Workhorse’s business because it raises the odds of success. Workhorse Group Is a Buy Even with the USPS Contract Delay. It raises the possibility of multiple winners. Roth Capital analyst Craig Irwin downgraded Workhorse stock after the USPS delayed the contract-award decision a couple of times, according to Barron’s.The potential addition of an “s” to award is significant. Workhorse Group Inc Follow Nov 8 (Reuters) - Electric van-maker Workhorse Group (WKHS.O) said on Monday it was being investigated by the U.S. While the government continues to delay the awarding of the estimated 6.3 billion contract, Workhorse signed a deal with Pride Group Enterprises for 6,320 C-Series all-electric delivery vehicles. Securities and Exchange Commission related to. Before the announcement, about 57% of analysts covering Workhorse stock rated the shares at Buy, in line with the average Buy-rating ratio for stocks in the Dow Jones Industrial Average. Nov 8 (Reuters) - Electric van-maker Workhorse Group (WKHS.O) said on Monday it was being investigated by the U.S. The next focus for investors will be on what analysts have to say about the news. The stock went up just after President Joe Biden talked about making the federal fleet all electric back in January. The electric vehicle maker was a front runner.
After the announcement, Workhorse Group’s share price fell by more than 47, which greatly. USPS announced on February 23, 2021, that it had awarded the ten-year contract to Oshkosh Defense. The contract is estimated to be worth 6.3 billion. Workhorse was the only all-electric offering among the finalists. Workhorse stock extended its two-day slide to 57 on Wednesday after losing a coveted USPS contract to Oshkosh Defense. Workhorse Group was one of the top four finalists being eyed by USPS for the ten-year contract.
The USPS news is also a setback for them. The company is trying to break into the growing market for electric commercial vehicles, which is not going well at the moment. Workhorse did not really generate significant sales in 2020. Through USPS Connect Local, a business can have a package ready and its carrier. Per the contract, “Oshkosh Defense will finalize the production design of the Next Generation Delivery Vehicle (NGDV) - a purpose-built, right-hand-drive vehicle for mail and package delivery - and will assemble 50,000 to 165,000 of them over 10 years.”, according to Smarter Analyst. So, USPS awarded a 10-year contract to Oshkosh’s unit, Oshkosh Defense, to replace the Postal Service’s aging delivery vehicle fleet. Postal Service (USPS) contract to rival, Oshkosh Corp.
The massive selling in WKHS stock came after the electric delivery van maker lost a multi-billion dollar U.S. Workhorse has a 2 USPS is the real biggy but they are only at the initial few trucks for road testing AFAIK and there are at 3 or more companies for each contract being tendered LOUIS NAVELLIER: MY 1 STOCK FOR 2020 The current excitement with Workhorse centers around whether or not the company will secure a contract with the U DroneUp, UPS. Shares of Workhorse Group dropped 8.3% in extended trading after falling nearly 50% on Tuesday.
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