tiprankstipranks
Market News

Workhorse Q3 Results Miss Estimates

Workhorse Group, Inc. (WKHS) has delivered disappointing results for the third quarter of 2021. The company designs and builds electric-powered delivery and utility vehicles.

The company reported a quarterly loss of $0.77 per share, wider than the estimated loss of $0.33 per share. In the prior-year quarter, Workhorse had reported a loss of $0.78 per share. (See Workhorse stock charts on TipRanks)

Workhorse recorded negative revenue of $576,602 due to a $1.1 million refund liability related to the recall of C-1000 vehicles. Also, the figure fell short of analysts’ expectations of $895,500.

The company’s CEO Rick Dauch said, “With the strong industry fundamentals and tailwinds we have in our sector, I am optimistic that Workhorse will be prepared to deliver the best-in-class vehicles for the commercial electric vehicle market starting in 2023.”

Wall Street’s Take

In response to the company’s disappointing quarterly performance, BTIG analyst Gregory Lewis lowered his price target on WKHS to $14 (110.8% upside potential) from $20. The analyst, however, maintained a Buy rating on the stock.

The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys and 2 Holds. The average Workhorse price target of $10.50 implies 58.1% upside potential.

Hedge Fund Activity

TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Workhorse is currently Very Negative, as the cumulative change in holdings across all 4 hedge funds that were active in the last quarter was a decrease of 4.4 million shares.

Related News:
Upstart Provides Upbeat Q4 Outlook on Better-than-Expected Q3 results
Lemonade Declines 5% on Quarterly Loss
Editas Rises 8.2% on Narrower-Than-Expected Q3 Loss

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More