American International Group Inc. bought a new position in shares of Workhorse Group Inc (NASDAQ:WKHS) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 38,732 shares of the company’s stock, valued at approximately $674,000. American International Group Inc. owned approximately 0.05% of Workhorse Group at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new position in shares of Workhorse Group during the 1st quarter worth about $185,000. Advisor Group Holdings Inc. acquired a new position in shares of Workhorse Group during the 1st quarter worth about $147,000. New York State Common Retirement Fund acquired a new position in shares of Workhorse Group during the 2nd quarter worth about $1,009,000. Blair William & Co. IL acquired a new position in shares of Workhorse Group during the 2nd quarter worth about $374,000. Finally, Wedbush Securities Inc. acquired a new position in shares of Workhorse Group during the 2nd quarter worth about $252,000. 21.43% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Raymond Joseph Chess sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $15.32, for a total value of $61,280.00. Following the sale, the director now owns 153,243 shares in the company, valued at approximately $2,347,682.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stephen M. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, July 13th. The stock was sold at an average price of $16.50, for a total value of $660,000.00. Following the completion of the sale, the vice president now owns 580,171 shares in the company, valued at approximately $9,572,821.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 733,798 shares of company stock valued at $13,102,832. Company insiders own 5.90% of the company’s stock.
WKHS opened at $25.35 on Wednesday. The business has a 50 day moving average price of $17.74 and a two-hundred day moving average price of $8.57. The company has a market cap of $2.67 billion, a PE ratio of -13.70 and a beta of 2.82. Workhorse Group Inc has a 52 week low of $1.32 and a 52 week high of $26.23.
Workhorse Group (NASDAQ:WKHS) last issued its earnings results on Monday, August 10th. The company reported ($1.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($1.64). The firm had revenue of $0.09 million during the quarter, compared to analyst estimates of $0.30 million. Analysts predict that Workhorse Group Inc will post -0.44 earnings per share for the current fiscal year.
Several research firms have recently issued reports on WKHS. BTIG Research upped their price objective on Workhorse Group from $10.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, July 1st. ValuEngine cut Workhorse Group from a “buy” rating to a “hold” rating in a research report on Saturday, June 20th. Oppenheimer assumed coverage on Workhorse Group in a research report on Wednesday, September 2nd. They issued an “outperform” rating and a $23.00 target price for the company. Zacks Investment Research cut Workhorse Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 7th. Finally, Cowen upped their target price on Workhorse Group from $4.50 to $11.50 and gave the company an “outperform” rating in a research report on Friday, June 26th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $17.00.
Workhorse Group Company Profile
Workhorse Group Inc designs, manufactures, builds, sells, and leases battery-electric vehicles and aircraft in the United States. It operates through two divisions, Automotive and Aviation. The company also develops cloud-based and real-time telematics performance monitoring systems that enable fleet operators to optimize energy and route efficiency.
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