S&P Futures
3,407.75+14.25(+0.42%)Dow Futures
27,707.00+126.00(+0.46%)Nasdaq Futures
11,538.25+46.00(+0.40%)
Chart Events
Performance Outlook
| Previous Close | 27.16 |
| Open | 26.61 |
| Bid | 0.00 x 1300 |
| Ask | 0.00 x 3200 |
| Day's Range | 25.46 - 27.35 |
| 52 Week Range | 1.36 - 29.40 |
| Volume | 72,074,836 |
| Avg. Volume | 105,331,535 |
| Market Cap | 31.801B |
| Beta (5Y Monthly) | 2.78 |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -44.10 |
| Earnings Date | May 28, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | 18.49 |
Fair Value
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Workhorse Group Is a Buy Even with the USPS Contract Delay
With the pedal to the metal, electric vehicle stocks show no signs of slowing. In fact, most could see far more upside including Tesla (NASDAQ:TSLA), Nio (NYSE:NIO), and most notably, Workhorse Group (NASDAQ:WKHS) and WKHS stock. Source: Photo from WorkHorse.com The last time I weighed in on the stock, I said, “While the shares won’t explode overnight, I strongly believe that they could double. I said the same thing as the stock traded at $17.03 before it ran to nearly $31 a share.” Granted, the stock recently pulled back after the U.S. Postal Service delayed its contract decision, but there’s still opportunity here. Remember, just because the contract was delayed doesn’t mean Workhorse Group is out of the running.InvestorPlace - Stock Market News, Stock Advice & Trading Tips The WKHS stock could still run higher again on the anticipation of a coming decision. 7 Airline Stocks to Buy on Pelosi Stimulus Hopes After all, the postal service is still in desperate need of upgrading its ancient fleet of vehicles. And Workhorse Group is still in the running. From here, I strongly believe the WKHS stock could rally back to nearly $31 a share again soon. Workhorse Could See All or Part of the USPS Award I also wouldn’t get too wound up over the recent downgrade from Roth Capital’s Craig Irwin. He recently downgraded WKHS stock from a buy to a hold, with a target cut to $27. While the contract was delayed, it’s a temporary setback. Weakness in the stock is a buy opportunity, in my opinion. And sure, according to the postal service, as quoted by Barron’s said, “Due to the current Covid-19 pandemic and its impact on Postal Service and supplier operations, an award(s) is currently planned for the production phase by the end of the calendar year.” But, as noted by Barron’s contributor Al Root, “The potential addition of an “s” to award is significant. It raises the possibility of multiple winners. That’s good for Workhorse’s business because it raises the odds of success.” In addition, while it’s not a certainty Workhorse will win the postal service contract, investors can still make money on the stock on the anticipatory momentum. For example, buy now and simply wait for the momentum to build up ahead of the contract date. Electric Vehicle Boom Shows No Signs of Slowing Tesla just blew earnings out of the water, with hopes of selling half a million EVs this year. EPS of 76 cents was well above expectations for 57 cents. Revenue of $8.77 billion was above estimates for $8.36 billion. That’s only creating even more excitement over EV stocks. Helping, General Motors (NYSE:GM) just announced it would invest $2.2 billion in U.S. manufacturing to increase EV production. Better, governments around the world are forcing millions into EVs. In the U.S. for example, California Gov. Gavin Newsom signed an executive order that will ban the sale of gas-powered passenger cars in the state starting in 2035. That’s further fuel for the EV boom. In short, the electric vehicle boom has only started. With it, we could see further upside in related stocks like Workhorse Group easily. This is another reason to buy WKSH stock on weakness. Most Analysts Still Seem to Like WKHS Stock Over the last month, Oppenheimer analyst Colin Rusch said WKHS stock was a leader in last-mile deliveries. He has a price target of $23. And, as I noted on Sept. 25, “Cowen analyst Jeffrey Osborne is impressed by WKHS stock. “The [second half production] ramp remains on track and management continues to target [making] 300 [to] 400 vehicles by the end of the year. After a tough few quarters, we see greener pastures ahead.” While I don’t expect the stock to explode overnight, I still believe we could see $31 again soon. The postal service contract is still on the table. It was only delayed, not canceled. Use recent weakness as an opportunity to buy. On the date of publication, Ian Cooper did not have (either directly or indirectly) any positions in the securities mentioned in this article. Ian Cooper, an InvestorPlace.com contributor, has been analyzing stocks and options for web-based advisories since 1999. As of this writing, Ian Cooper did not hold a position in any of the aforementioned securities. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company The post Workhorse Group Is a Buy Even with the USPS Contract Delay appeared first on InvestorPlace.
- InvestorPlace
Switchback Energy Is an EV SPAC That’s Actually Worth a Look
This year, there a dizzying number of special purpose acquisition companies (SPACs) going public, many of which have ties to the electric vehicle (EV) industry. Switchback Energy (NYSE:SBE) isn’t among that group because it’s initial public offering took place last year, but SBE stock could prove to be one of the SPAC stars of the EV space. Source: Michael Vi / Shutterstock.com In the current EV landscape, it’s not a stretch to say investors are looking for the next Tesla (NASDAQ:TSLA) or Nio (NYSE:NIO). That’s human nature. We’re always looking for the next great stock, athlete, consumer fad, etc. In fairness to many SPACs addressing the EV industry, these blank-check firms conquered one mountain, which is finding a target to bring public. That’s great for their investors and the acquired company. However, many of the EV blank-check deals appear a tad dubious because the target companies aren’t producing vehicles yet. And some aren’t particularly close to doing so.InvestorPlace - Stock Market News, Stock Advice & Trading Tips A manufacturer aspiring to tussle with Tesla actually has to make something to get in the game and flex its competitive muscles. SBE Stock: A Practical EV Idea Switchback is acquiring Chargepoint, which could, over time, avail itself to be one of the more viable ideas in the EV investment realm. The reasoning here is simple. Chargepoint won’t be butting heads with manufacturers. It won’t be making electric vehicles at all. Rather, Chargepoint is an infrastructure play. And a pertinent one at that. 7 Airline Stocks to Buy on Pelosi Stimulus Hopes The California-based company operates the largest network of EV charging stations – 115,000 to be precise. Think of Chargepoint as the gas station company for a new breed of automobiles. The benefit with that status is that, unlike so many EV SPACs, Chargepoint doesn’t carry the risks associated with a typical pre-revenue company. One way of looking at Chargepoint/SBE stock is that the former addresses one of the primary concerns associated with EV ownership: Range. Battery technology is evolving and EV manufacturers are prioritizing increased range. However, the manufacturers can’t do all the heavy lifting themselves. Road trips are ingrained in American culture and at some point, infrastructure must evolve to support EV adoption. Enter Chargepoint. It’s estimated that by 2025, more than 7 million EV charging ports will be needed, but nearly 5 million will be available. Chargepoint is expected to operate roughly half those ports in 2025. Chargepoint’s revenue growth forecasts reflect the opportunity in the charging infrastructure market. Solidifying its status as the dominant player in this segment, the company estimates revenue will increase at a compound annual growth rate (CAGR) of 60% from 2021 through 2026. Growth on top of Growth Last year, EV sales accounted for 2.6% of global auto sales and just 1% of global auto stock, according to the International Energy Agency (IEA). Those are small percentages, but the numbers also imply ample room for growth and the need for more charging ports. “As technological progress in the electrification of two/three-wheelers, buses, and trucks advances and the market for them grows, electric vehicles are expanding significantly,” the IEA said. Data confirm that accessible chargers growth is stout, indicating that the speculative nature of many SPACs isn’t a primary concern with SBE stock. “Globally, the number of publicly accessible chargers (slow and fast) increased by 60% in 2019 compared with the previous year, higher than the electric light-duty vehicle stock growth,” notes the IEA. Bottom line: the automobile and fossil fuels industries are being disrupted and with that disruption comes compelling opportunity for investors. Chargepoint is one such opportunity and its importance in the EV ecosystem could prove alluring over the long term. It’s a growth name to be sure, but in this arena, Chargepoint is a staple, not discretionary, removing vulnerabilities auto sales and economic data. On the date of publication, Todd Shriber did not have (either directly or indirectly) any positions in any of the securities mentioned in this article. Todd Shriber has been an InvestorPlace contributor since 2014. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company The post Switchback Energy Is an EV SPAC That’s Actually Worth a Look appeared first on InvestorPlace.
