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Workhorse (WKHS) +3%, DraftKings (DKNG) +10% in Tuesday’s trading
Workhorse Group’s (WKHS) Q4 revenue was 50% short of the Wall Street consensus, but the electric carmaker’s shares still rallied 3.21% in Monday’s trading on the Nasdaq.
Workhorse said that revenue for the three months to 31st December 2020 was $652,000, which was some way short of the $1.3m forecast.
Net income was better on paper though at $280.5m versus the loss of $15.1m expected by analysts, and the $655,000 figure from a year ago.
Workhorse’s stock has struggled during the last week after the company was overlooked by the US Postal Service for a new contract for delivery trucks.
Rival Oshkosh (OSK), which traded 4% higher on Tuesday, was awarded the lucrative deal instead.
Workhorse CEO Duane Hughes is still optimistic about business though after attributing its relatively strong Q4 results to an uptick in production and deliveries.
He added: “We’re entering the new year in our strongest-ever position, both financially and operationally.”
Hughes said that the company is now ready to build towards its “multiyear growth plan” and that it will work with partners Hitachi and Belcan to achieve key goals.
Following the release of the report, Workhorse traded lower, but shares rebounded just before midday.
At around 1:20pm on the Nasdaq on Tuesday, shares were valued at $16.64.
DraftKings (DKNG) also made gains after analysts hiked price targets on the sports betting company’s robust Q4 report, which was released late last week.
Loop Capital added $5 to a new $105 price target and said that it disagrees entirely with the “bear argument”.
Goldman Sachs also pivoted higher to $73 with a buy rating, citing DraftKings’ decision to raise revenue estimates for the year to up to $1.01bn.
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