Workhorse Group Inc. ($WKHS) Stock Forecast: Down 8.8% Today

What is Workhorse Group Inc.?

WKHS is a stock of Workhorse, an electric vehicle (EV) manufacturer that focuses on commercial EVs for last-mile delivery. The overall market sentiment for WKHS today was bearish.

Why is Workhorse Group Inc. going down?

WKHS stock is down 8.8% on Sep 15, 2023 15:02

• Workhorse stock (WKHS) experienced a bearish movement today, possibly due to profit-taking after a recent surge in its stock price.
• The news about the IRS approving Workhorse as an eligible manufacturer for the Commercial Clean Vehicle Credit, offering customers up to $40,000 in credit for EV deliveries, could have initially boosted the stock. However, the market may have reacted negatively to the overall bearish sentiment in the EV sector, as highlighted by the decline of Chinese EV stocks (NIO, XPEV, LI) due to concerns over potential anti-subsidy tariffs from the EU.
• The consumer discretionary sector, to which Workhorse belongs, is also facing headwinds, as indicated by the article warning investors about F-rated consumer discretionary stocks. Economic uncertainties, inflation, and higher interest rates could be contributing factors to the bearish movement of WKHS.
• It's worth noting that Sigma Lithium (SGML) stock, a lithium mining company, experienced a bullish movement today, possibly due to receiving strategic proposals. This positive movement in the lithium sector contrasts with the bearish movement of WKHS, suggesting that market factors specific to Workhorse may have influenced its decline.

WKHS Price Chart

WKHS Technical Analysis

WKHS News

7 F-Rated Consumer Discretionary Stocks to Sidestep Immediately

Consumer discretionary stocks largely rely on the whim of the consumer. After all, the name of the segment says it all. These stocks are attached to companies that sell products that consumers really don’t need. They have to want to make a purchase. These stocks include automotive, retail, entertainment and hospitality companies. They do well when the economy is doing well, or when the company has an innovative enough product that it encourages consumers to buy. Largely, consumer discretionary stocks rely on consumers to have plenty of disposable income to make those types of luxury or impulse buys. But when the economy is questionable or inflation is high, or when interest rates make borrowing more expensive, consumer discretionary stocks are among the first to falter. The economy this year has been better than anyone predicted it would be. But there are economy-related headwinds that are pushing some consumer discretionary stocks into “F” ratings. And there are some industry-specific problems that also factor in. If you own any of these F-rated consumer discretionary stocks, it’s time to rethink your portfolio.

https://investorplace.com/market360/2023/09/7-f-rated-consumer-discretionary-stocks-to-sidestep-immediately/

Why Are Chinese EV Stocks NIO, XPEV, LI Down Today?

Chinese EV stocks are down on Wednesday as investors react to news from the European Union (EU). The big news here is the EU considering the possibility of adding anti-subsidy tariffs to Chinese imports. It would do this in an effort to protect businesses that are making their products in the EU over Chinese rivals. Considering the push of some Chinese EV companies to expand outside of the country, it makes sense this news would hit their stocks today. It could also be a sign of future problems if the EU does go through with its plans for anti-subsidy tariffs. Let’s get into how this news is affecting Chinese EV stocks below!

https://investorplace.com/2023/09/why-are-chinese-ev-stocks-nio-xpev-li-down-today-sept-13th/

Why Is Sigma Lithium (SGML) Stock Up 14% Today?

Sigma Lithium (NASDAQ:SGML) stock is climbing higher on Wednesday after confirming it received strategic proposals. According to a news release, Sigma Lithium’s Board of Directors is reviewing multiple strategic proposals. That includes offerings for the company, its Bralizzian company Sigma Brazil, as well as for its Grota do Cirilo Project. Sigma Lithium notes that each of the strategic offers vary in nature and size. As such, the company is going over them to seek out the best choice for investors in SGML stock. This is part of its ongoing strategic review process that it expects to complete this year.

https://investorplace.com/2023/09/why-is-sigma-lithium-sgml-stock-up-14-today/

WKHS Stock Alert: The $40,000 Reason Workhorse Is Up Today

Workhorse (NASDAQ:WKHS) stock is on the rise Wednesday thanks to a new update from the IRS concerning its electric vehicle (EV) manufacturer status. The IRS has approved Workhorse as being eligible for the qualified manufacturer for the Commercial Clean Vehicle Credit. With this approval, customers of Workhorse are able to receive as much as $40,000 in credit for deliveries of the company’s EVs. Rick Dauch, CEO of Workhorse, said the following about the news. “We are focused on leading the transition to commercial EVs to make last-mile delivery more efficient and less harmful to the environment and are pleased that the IRS recognizes the inherent sustainability of our commercial EVs. We look forward to providing this credit to our customers as we deliver our all electric, dependable, high quality commercial vehicles.”

https://investorplace.com/2023/09/wkhs-stock-alert-the-40000-reason-workhorse-is-up-today/

Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday

It’s time for another dive into the biggest pre-market stock movers as we check out all the shares worth watching on Wednesday! Moving stocks this morning are a split, clinical trial updates, public offerings and debuts, and more. Let’s get into the latest stock market news below!

https://investorplace.com/2023/09/todays-biggest-pre-market-stock-movers-10-top-gainers-and-losers-on-wednesday-sept-13th/

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Workhorse Group Inc. Price History

14.08.2023 - WKHS Stock was down 10.2%

• WKHS stock had a bearish movement today.
• The bearish movement could be attributed to the overall negative sentiment towards Chinese EV stocks due to the EU considering anti-subsidy tariffs on Chinese imports, which could impact Chinese EV companies expanding outside of China.
• However, WKHS received a positive update from the IRS, approving it as an eligible manufacturer for the Commercial Clean Vehicle Credit, which allows customers to receive up to $40,000 in credit for deliveries of the company's EVs.
• Despite the positive news, the overall bearish sentiment in the market overshadowed the positive development for WKHS.

12.08.2023 - WKHS Stock was up 32.2%

• Workhorse's CEO made a statement that has generated positive sentiment and excitement among investors, contributing to the bullish movement.
• The company has started production of its W56 chassis, indicating progress in its manufacturing capabilities and potential for increased sales.
• Workhorse is laying the foundation to ramp up sales, which is seen as a positive development for investors and the market as a whole.
• Regulatory changes in the electric vehicle industry are benefiting Workhorse, further driving the bullish movement.

01.08.2023 - WKHS Stock was down 6.8%

• Workhorse failed to get enough votes to increase its stock count, limiting its financing options and potentially impacting its growth prospects.
• The company's disappointing earnings and guidance, along with its proposal to increase its share count, have not resonated well with investors.
• California's State Teachers' Retirement System (CalSTRS) trimmed its investment in Workhorse, further dampening investor sentiment.
• The overall bearish movement in the EV sector, as seen in the collapse of other electric vehicle stocks like Nikola Motors, may have also contributed to the downward pressure on Workhorse's stock.

28.07.2023 - WKHS Stock was up 5.2%

• California's State Teachers' Retirement System (CalSTRS) reported trimming its investment in Workhorse Group, which may have initially caused a negative sentiment. However, the overall bullish movement suggests that other factors outweighed this news.
• The bullish movement could be attributed to the positive performance of other electric vehicle (EV) stocks, such as Rivian Automotive and Lucid Motors, which were bought by CalSTRS during the second quarter.
• The reminder from Workhorse Group to stockholders to vote "FOR" the proposal to increase the number of authorized shares might have instilled confidence in investors, indicating potential growth opportunities for the company.
• The general market sentiment towards EV stocks and the pivot towards blue-chip stocks, as indicated by MarketMaster AI's bearish call on meme stocks, could have also contributed to the bullish movement of Workhorse Group.

30.07.2023 - WKHS Stock was up 5.9%

• Workhorse's failure to get approval to increase its share count may have initially caused uncertainty among investors, but the company's statement about exploring financing options from a position of strength could have instilled confidence.
• The news of California's State Teachers' Retirement System (CalSTRS) doubling down on various EV stocks, including Workhorse, indicates a positive sentiment towards the EV sector and may have contributed to the bullish movement.
• The fact that CalSTRS reported trimming its investment in Workhorse due to disappointing earnings and proposals to increase share count could have been overshadowed by the overall bullish sentiment towards EV stocks, leading to a net positive impact on Workhorse's stock.
• Overall, despite the setback in increasing its share count, Workhorse's position in the EV sector and the positive sentiment towards EV stocks likely drove the bullish movement in its stock today.

05.08.2023 - WKHS Stock was down 5.3%

• Mullen Automotive (MULN) stock has fallen about 50% in the past month, and an interview with the CEO regarding a lawsuit against broker-dealers and alleged illegal short selling may have negatively impacted investor sentiment.
• The EV industry is experiencing headwinds, with cooling sales growth and inventory piling up on dealer lots. This may have contributed to a broader negative sentiment towards electric vehicle stocks, including WKHS.
• Meme stocks, which rely on social media and online communities, are generally considered volatile and unpredictable. The negative sentiment towards meme stocks in general may have spilled over to WKHS.
• Battery stocks, including WKHS, have seen price collapses from their all-time highs, potentially affecting investor confidence in the company.
• Overall, the bearish movement in WKHS today may be attributed to a combination of negative sentiment towards the EV industry, concerns about meme stocks, and broader market dynamics affecting battery stocks.

11.07.2023 - WKHS Stock was down 6.9%

• Workhorse stock closed down by more than 6% after announcing a proposed increase in the number of authorized shares, which led to investor concerns about dilution of ownership.
• The upcoming stockholder vote for the share expansion has created uncertainty and potential selling pressure on the stock.
• The need for additional funding to support the company's management team, facilities, and EV roadmap has contributed to the negative sentiment surrounding the stock.
• The bearish movement may also be influenced by broader market factors, such as concerns about inflation and a potential recession, which could impact the demand for luxury goods and EVs.

15.08.2023 - WKHS Stock was down 8.8%

• Workhorse stock (WKHS) experienced a bearish movement today, possibly due to profit-taking after a recent surge in its stock price.
• The news about the IRS approving Workhorse as an eligible manufacturer for the Commercial Clean Vehicle Credit, offering customers up to $40,000 in credit for EV deliveries, could have initially boosted the stock. However, the market may have reacted negatively to the overall bearish sentiment in the EV sector, as highlighted by the decline of Chinese EV stocks (NIO, XPEV, LI) due to concerns over potential anti-subsidy tariffs from the EU.
• The consumer discretionary sector, to which Workhorse belongs, is also facing headwinds, as indicated by the article warning investors about F-rated consumer discretionary stocks. Economic uncertainties, inflation, and higher interest rates could be contributing factors to the bearish movement of WKHS.
• It's worth noting that Sigma Lithium (SGML) stock, a lithium mining company, experienced a bullish movement today, possibly due to receiving strategic proposals. This positive movement in the lithium sector contrasts with the bearish movement of WKHS, suggesting that market factors specific to Workhorse may have influenced its decline.

13.08.2023 - WKHS Stock was up 8.9%

• The bullish movement in WKHS stock today can be attributed to several factors:
• 1. IRS Approval for Commercial Clean Vehicle Credit: Workhorse Group Inc. received IRS approval for the commercial clean vehicle credit. This regulatory change is seen as a positive development for the company, as it opens up opportunities for government incentives and subsidies, ultimately boosting their sales and revenue.
• 2. Production of W56 Chassis: Workhorse recently announced the start of production for their W56 Chassis. This indicates progress in their manufacturing capabilities and suggests a potential increase in their electric truck sales.
• 3. Positive CEO Statement: The CEO of Workhorse made a statement that has generated optimism among investors. While the exact details of the statement are not mentioned in the provided articles, it is likely that the CEO's positive outlook on the company's future prospects has contributed to the bullish market movement.
• In conclusion, the bullish movement in WKHS stock today can be attributed to the IRS approval for commercial clean vehicle credit, the start of production for the W56 Chassis, and positive statements from the CEO. These factors have instilled confidence in investors and generated optimism about the company's growth potential.

23.07.2023 - WKHS Stock was down 9.5%

• The bearish movement in WKHS stock today could be attributed to the following factors:
• 1. Market sentiment: The overall market sentiment towards high-risk stocks, including meme stocks, has been negative. This sentiment shift is reflected in the performance of the Direxion Moonshot Innovators ETF, which is down 20% in less than a month. Investors may be selling off WKHS shares due to the perceived risk associated with meme stocks.
• 2. MarketMaster AI's recommendation: The AI algorithm, MarketMaster AI, has been signaling a bearish outlook on risky meme stocks. Its previous prediction of a market selloff and pivot towards blue-chip stocks has proven correct. Investors may be following the AI's recommendation to sell meme stocks, including WKHS.
• 3. Stockholder voting: Workhorse Group has been reminding its stockholders to vote "FOR" the proposal to increase the number of authorized shares. This could indicate that the company is planning to raise capital, which may have a dilutive effect on existing shareholders. The uncertainty surrounding the potential share dilution could be contributing to the bearish movement in WKHS stock.
• Overall, the bearish movement in WKHS stock today could be attributed to the negative market sentiment towards meme stocks, the recommendation from MarketMaster AI, and the potential share dilution through the proposed increase in authorized shares.