Workhorse Group Receives a Buy from Maxim Group

By Carrie Williams

Maxim Group analyst Brian Kinstlinger reiterated a Buy rating on Workhorse Group (NASDAQ: WKHS) today and set a price target of $5. The company’s shares opened today at $2.79, close to its 52-week low of $1.85.

Kinstlinger commented:

“Following a recent conversation with a UPS (UPS – $104.85 – NR) executive, our takeaway is that the WKHS electric trucks are performing in line with UPS’ expectations in terms of performance.”

According to TipRanks.com, Kinstlinger is a 1-star analyst with an average return of -1.2% and a 46.3% success rate. Kinstlinger covers the Technology sector, focusing on stocks such as Applied DNA Sciences, Tyler Technologies, and Evolving Systems.

Workhorse Group has an analyst consensus of Moderate Buy, with a price target consensus of $5.

Based on Workhorse Group’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.78 million and GAAP net loss of $7.92 million. In comparison, last year the company earned revenue of $236K and had a GAAP net loss of $4.38 million.

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Workhorse Group, Inc. engages in the designing, developing, manufacturing, and selling of trucks with powertrain components under the workhorse proven chassis brand. It focuses on providing solutions to the commercial transportation sector. The company was founded on February 20, 2007 and is headquartered in Loveland, OH.