Despite breaking beyond the traditional $10 ‘bargain’ territory, Workhorse Group Inc. (NASDAQ: WKHS) is still a compelling stock for alternative investors. Workhorse is an electric vehicle and aircraft manufacturer engaged in the military, industrial, and commercial sectors. Despite underwhelming sales figures today, it has strong long-term potential in the market.
Workhorse could see significant upside as more commercial operators seek to replace traditional vehicle fleets with electric alternatives. Workhorse is a frontrunner in the bidding to replace the United States Postal Service fleet with all-electric vehicles. The potential contract would be worth $6 billion, and Workhorse Group already produces last-mile delivery vans that would suit the Postal Service.
Even if it doesn’t win the contract, Workhorse has the potential to serve a growing market where electric commercial vehicles are in high demand. The company is small and agile today, which will make it highly competitive in the electric vehicle space. Analysts predict a short-term upside with a target price of $25.50, and this pick had strong momentum before the recent market rout. Today’s price is discounted from the recent peak.
Any investor looking for a low-price entry point into electric vehicle stocks will find that there’s value in spending a little more for Workhorse Group Inc.
- 1 Year Price Growth: 75%
- YTD Price Growth: 14%
- 3 Month Price Growth: 04%
All information is based on current and historical market data, as well as publicly available financial data. As with any financial decision, your own research is important. Stock market outcomes can never be 100% accurately predicted. Familiarity with historical data, individual industries, and individual stocks is key to developing a robust portfolio. Note that stock prices can fluctuate rapidly during trading sessions.