Why Workhorse Group Soared 59.7% in March
Shares of Workhorse Group (NASDAQ: WKHS) soared by 59.7% last month, according to S&P Global Market Intelligence. The electric delivery van manufacturer greatly outperformed the broader market in March, due in part to news of a new purchase agreement, and also word of some stock-buying by management. It's also possible that the activities of meme stock and momentum traders were responsible for some of that surge.
Image source: Getty Images.
On March 1, Workhorse released its fourth-quarter earnings report. The company actually had negative revenue during the period due to a surge in vehicle returns, and it booked a gross loss of $100 million. In 2021, it burned around $140 million in cash. The business is clearly struggling right now.
Source Fool.com
