- NASDAQ:WKHS drops a further 2.90% amidst another day of market selloffs.
- Workhorse Group is the target of another short-selling research site.
- Workhorse submits formal application to FAA for its drone certification.
NASDAQ:WKHS has extended its month-long descent as the stock fell by another 2.90% on Wednesday, closing the trading session down at $16.75. Over the past thirty days, Workhorse has fallen almost 40% and is now over 45% off of its all-time highs of $30.99 from mid-September. The recent sentiment has turned investors even sourer after Lakewood Capital analyst Anthony Bozza revealed Workhorse as one of their short targets in the near future. The proclamation came at the recent Robinhood Investors Conference which has been one of the platforms that have helped Workhorse on its bull-run from earlier in the year.
Workhorse Group also officially filed its application to the FAA to certify its HorseFly delivery drone, which has been the centre of much investor speculation for the future of last-mile deliveries. The realized potential of the HorseFly drone may have to wait though as the average FAA certification application takes roughly 12 to 24 months in total. While the HorseFly has already been used in real-life deliveries, FAA certification is the only way that Workhorse can ensure this equipment is used on a larger scale. The combination of the C-Series electric trucks with the HorseFly drone equips Workhorse to be a leader in the last-mile delivery market.
WKHS stock news
Workhorse Group’s stock has been beaten down alongside the rest of the electric-vehicle sector during this latest market correction. Given the looming deadline of the USPS delivery truck contract as well as the recent Wall Street debut of Lordstown Motors (NASDAQ:RIDE), we may be catching Workhorse in a “buy the dip” situation. If investors believe in the very long-term horizon for the company, this current pullback may be an opportune time to buy.