Why Workhorse Group Stock Tanked 30% in July and Is Sinking Further

Electric vehicle company Workhorse Group (NASDAQ: WKHS) stock plummeted 30.4% in July, according to data provided by S&P Global Market Intelligence.

Just the previous month, Workhorse shares had gained a stunning 77% after a brief stint as a "meme stock" and the company's move to challenge the U.S. Postal Service's decision to award a $6 billion 10-year truck contract to Oshkosh.

The euphoria didn't last long as July brought in some bad news. To make matters worse, Workhorse's second-quarter earnings report, released this morning, reveals something that's worrying investors even more. The stock's already down 14.6% in August, as of this writing.

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Source Fool.com