And the companies are obliging with more deal activity. The price of lemons dropped due to an oversupply as restaurants and bars were closed. General Motors is working with EVgo, adding more than 2,700 fast charging stations over the next five years to speed up adoption of electric vehicles.
NASDAQ Updated Jul 28, 2020 11:59 PM $700M Could Say YesWorkhorse Secures $70 Million Financing from Institutional InvestorMonday Sector Leaders: Auto Parts, Paper & Forest Products When stocks go up like this they become hard to value. Red hot. Lewis said a key takeaway from a call he hosted with management on Tuesday was that the company has "first-mover" advantage, which was solidified when the Series C van received final regulatory safety approvals, giving the company a 1-to-2-year head start on other electric vehicle (EV) last-mile delivery competitors. The firm operates in two divisions, Automotive and Aviation. The average price target is $21.50, which adds up to substantial upside potential of 43%.
Now their shares are trading, on average, 146% above Wall Street price targets. But competition is stiff and Tesla-like returns may prove elusive.It is another billion-dollar valuation for the ultrahot electric-vehicle space. Workhorse Group earned a news sentiment score of -2.6 on InfoTrie's scale. We used TipRanks’ database to find three industrial stocks that have earned a “Strong Buy” consensus rating from the analyst community, while also providing double-digit upside potential. Add Workhorse to the list of start-up electric vehicle companies that is seeing its stock bid up astronomically by retail investors.. Among its EV rivals, shares of Tesla Inc. have run up 133% the past three months and Nikola Corp. have climbed 537%, while the S&P 500 has gained 26%.BTIG analyst Gregory Lewis raised his price target for the electric-vehicle maker all the way from $10 a share to $26. Wall Street’s road warriors have spent the past three months grounded. Despite all of this, one sector in particular has been gaining traction.Even though the space is often overlooked, industrial stocks have outpaced the broader market over the last three months, with the Industrial Select Sector SPDR Fund (XLI) posting a 17% gain compared to the S&P 500’s 13% increase. View the latest news about Workhorse Group. Lewis said a major potential catalyst could be a $6 billion to $8 billion contract from the U.S. The rise was prompted by the US government’s approval of the company’s C-Series trucks, which are electric vehicles for last-mile delivery (deliveries to their final address).Writing for BTIG, analyst Gregory Lewis provided some insight regarding the excitement surrounding Workhorse: “…WKHS has a first-mover advantage which was solidified last week when the Series C received final safety approvals which give Workhorse roughly a 1-2-year head-start on other electric vehicle last-mile delivery competitors. The Automotive division operates as a original equipment manufacturer of class 3-6 commercial-grade, medium-duty truck chassis, marketed under the Workhorse brand. "On top of this, a bid for the United States Postal Service contract for zero-emission mail delivery vehicles is a potential catalyst that could propel the stock even higher.
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How’s that working out?