In a report released today, Carter Driscoll from B.Riley FBR initiated coverage with a Buy rating on Workhorse Group (NASDAQ: WKHS) and a price target of $4.50. The company’s shares closed yesterday at $2, close to its 52-week low of $1.98.
Driscoll commented:
“We are initiating coverage of Workhorse Group Inc. (WKHS) with a Buy rating and a 12- month price target of $4.50 per share. Workhorse uses its expertise as a system integrator of electric vehicle (EV) components and systems to produce EVs targeted toward the 6 commercial truck market. The company has invested heavily in R&D to produce its current suite of products to disrupt both the on-road transportation and personal aircraft markets. We view the company as a long-term play on the emerging EV industry, which is beginning to disrupt the traditional automobile industry. We believe the potential stock appreciation offers enough upside to offset the risks associated with potential regulatory changes, EV industry growing pains, technological acceptance, and operational/cost achievements.”
According to TipRanks.com, Driscoll has 0 stars on 0-5 star ranking scale with an average return of -7.5% and a 34.5% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.
Workhorse Group has an analyst consensus of Moderate Buy, with a price target consensus of $4.50.
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Based on Workhorse Group’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $6.42 million. In comparison, last year the company had a GAAP net loss of $7.92 million.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WKHS in relation to earlier this year.
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Workhorse Group, Inc. engages in the designing, developing, manufacturing, and selling of trucks with powertrain components under the workhorse proven chassis brand. It focuses on providing solutions to the commercial transportation sector. The company was founded by Stephen Burns on February 20, 2007 and is headquartered in Loveland, OH.
