What's Going On With Workhorse Stock?
Portfolio Pulse from Henry Khederian
Workhorse Group Inc (NASDAQ:WKHS) shares dropped over 6.5% to 25 cents after RF Lafferty analyst Jaime Perez downgraded the stock from Hold to Sell with a 30-cent price target. The decline also followed the company's Q4 FY23 report, showing sales increase to $4.4 million from $3.4 million, driven by higher vehicle sales and DaaS revenue, but with a significant rise in SG&A expenses to $15.1 million due to increased legal and professional fees.
March 14, 2024 | 9:25 pm
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NEGATIVE IMPACT
Workhorse Group Inc's stock fell over 6.5% following a downgrade from Hold to Sell by RF Lafferty and a Q4 earnings report showing increased sales but higher SG&A expenses.
The downgrade by RF Lafferty and the Q4 earnings report are directly related to Workhorse's financial health and investor sentiment. The downgrade suggests a lack of confidence in the company's short-term growth prospects, while the earnings report, despite showing increased sales, highlighted rising expenses that could impact profitability. These factors are likely to negatively influence investor sentiment and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100