Workhorse news usps contract free#
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. You should do your own thorough research before making any investment decisions. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. Information on these pages contains forward-looking statements that involve risks and uncertainties. If the stock continues to dip, this could represent a buying opportunity for long-term investors. This could just be some hesitation from investors who are taking off some of their profits from the growth that has taken place already this year. The delay of the USPS decision should not be seen as a slight to Workhorse so the drop in its stock and the analyst downgrade seem at this point to be a bit of an overreaction. While October 13th marked the original date that the contract was to be decided, USPS has delayed its decision potentially another two months. Irwin downgraded Workhorse from a buy rating to a neutral rating and decreased his price target from $33 to $27. Roth analyst Craig Irwin announced a downgrade to Workhorse’s stock after USPS revealed that its decision for the contract may not come until the end of the year. One thing that may be an issue for investors is if the long-awaited USPS delivery vehicle contract is not awarded to Workhorse Group after months of anticipation. Shares are still up over 660% over the last 52-weeks so a pullback here and there is not hurting investors too much right now. Wild fluctuations can be expected from high growth stocks that remain unprofitable, a category in which Workhorse finds itself. On Tuesday the stock took a dive as Workhorse fell by 11.10% and since then it has continued to bleed, closing at $22.30 on Thursday, an accumulated fall close to 25% for the week. NASDAQ:WKHS has had a good run over the last couple of months, reaching new all-time highs in September as momentum behind the electric truck manufacturer was beginning to build up. USPS has announced that the much anticipated zero-emissions contract will be delayed until later in the year.A Wall Street analyst downgrade has investors selling off as skepticism on Workhorse resurfaces.NASDAQ:WKHS has dropped nearly 25% this week.Riley’s Christopher Souther, “Dauch's experience with turnarounds within the auto industry makes him a nice fit for Workhorse as it looks to ramp production. His most recent role was as CEO of Delphi Technologies where he executed a merger with BorgWarner in October 2020, following the completion of a successful spin-off from Aptiv. Dauch will take hold of the reins at the start of the week and brings with him considerable experience. The reason for pulling the forecast is down to the new appointment of Rick Dauch as CEO and is so the new man at the helm could have some time to assess the best path forward for the ailing company. Although that might not necessary be a bearish sign. Last week, the company said it is also taking the revised guidance off the table. The stock’s action has reflected the real-world issues shares are down by 43% year-to-date. Then, constrained by supply chain issues which have been a curse to many this year, the company lowered its full-year 2021 production guidance from 1,800 vehicles to 1,000 vehicles.
Workhorse news usps contract driver#
For one, the electric-truck maker lost what appeared to be the stock’s most bullish driver – a USPS contract to renew the postal service’s aging delivery truck fleet after a drawn out process, the contract was awarded to Oshkosh. 2021 has provided several headwinds for Workhorse ( WKHS).
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