Why Workhorse Group Stock Spiked Today
Many growth stocks and speculative names in the electric vehicle (EV) sector have been pummeled as the Nasdaq Composite index ventured into correction territory to start this year. But investors are buying back in today, and speculative stocks in the EV sector like Workhorse Group (NASDAQ: WKHS) are outperforming. After spiking as much as 11.4% early Wednesday, shares of the electric delivery vehicle builder were still up 9.3% as of 11:33 a.m. ET today.
Today's upward move in the Nasdaq comes after some solid earnings reports from big tech names like Microsoft, and as investors look forward to the fourth-quarter and full-year 2021 report from Tesla after the market closes today.
But the jump in Workhorse stock doesn't make up for the nearly 50% drop that shareholders have endured over the last three months. That slide came as operational issues have hampered the company's growth plans. Whether it can recover from those problems will likely determine if the stock can make a sustainable comeback.
Source Fool.com
