Why Workhorse Group Stock Crashed Friday
Investors in Workhorse Group (NASDAQ: WKHS) did not have a good month in May. The electric delivery truck maker disappointed investors with its first-quarter results almost four weeks ago. But shares have rocketed more than 40% so far in June as the stock joined the ranks of meme stocks supported by retail investors. Today, however, shares are reversing course, trading down 12% as of 11:30 a.m. EDT.
The biggest spike in Workhorse shares this week occurred yesterday, but trading volume has been increasing all week. The 30-day average daily trading volume has ballooned by almost 50% in the last several days when the stock joined the group of meme stocks favored by Reddit-users looking to pump share prices. Today, however, reality seems to be setting back in.
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Source Fool.com
