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Stocks of Ohio-based manufacturing company Workhorse Group Inc (NASDAQ:WKHS, WKHS:US) galloped by over 28 per cent to close at US$ 14.77 on Thursday, on June 3.
This spike in its share price does not seem to have occurred in the wake of any significant development or announcement by the company.
A manufacturer of electric-powered utility and delivery vehicles, Workhorse stock also recorded a 53 per cent jump in the past week.
The latest surge in this lesser-known electric vehicles (EVs) market player is likely driven by a Reddit-based meme stock rally.
The EV maker’s name is continuously surfacing on market-oriented discussion forums of social media platform Reddit. Workhorse has joined the likes of AMC Entertainment (NYSE:AMC, AMC:US), BlackBerry (TSX:BB) and GameStop Corporation (NYSE:GME, GME:US), which have all recorded massive surge amid meme stock rally this year.
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As a player in the booming EV industry, WKHS stock could grow with the rising popularity of electric cars. But meme stocks in general have been proven to be volatile in nature.
After the GameStop mania in January this year, which saw the stock soar by over 1,600 per cent at a point, it seems as if retail investors are renewing their efforts to take on the short-sellers of Wall Street once again. So far, short-sellers have reportedly lost billions in the battle with Reddit investors.
As of Thursday, AMC shares had soared 2,850 per cent year-to-date (YTD). BB shares were up by 116 per cent in the same period.
Workhorse (NASDAQ:WKHS, WKHS:US) Stock Performance
WKHS shares swelled by about 58 per cent in the past one month, beating the NASDAQ Composite Index’s 29 per cent growth.
1-year chart of stock performance, volume and moving average exponential of Workhorse Group (Source: EODHD/Others)
WKHS stock has skyrocketed by 400 per cent in the past year and jumped seven per cent quarter-to-date (QTD). It scored a 52-week high of US$ 42.96 per share on February 4, 2021.
On the financial front, the company posted a net loss of US$ 120.5 million on sales of US$ 521,060 in the first quarter of fiscal 2021. Its cash and cash equivalents for the same quarter increased to US$ 205.1 million, up from US$ 46.8 million in Q1 2020.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
