What's Going On With Workhorse (WKHS) Stock?

Workhorse Group Inc WKHS shares are down 8.4% to $0.42 on Thursday afternoon, with no apparent company-specific news driving the decline. The stock is dropping amid a broader decline in the EV industry, following Tesla Inc's disappointing third-quarter financial results.

See Also: Tesla Sized Up By 9 Analysts After Q3 Earnings

Why This Matters To WKHS Investors

Tesla is a bellwether in the EV industry, and its financial performance often has a ripple effect on the entire EV sector. When Tesla reports worse-than-expected financial results, it can lead to a general loss of confidence in EV-related stocks, including Workhorse.

Investors may become more risk-averse, prompting them to sell their holdings in companies like Workhorse.

When Tesla underperforms, it can also set lower expectations for other companies in the EV industry. Investors may anticipate that other EV manufacturers will also face difficulties, impacting their growth prospects and stock valuations.

This anticipation of reduced growth potential can lead to a selloff in Workhorse stock.

See Also: What's Going On With Verizon Stock?

According to data from Benzinga Pro, Workhorse has a 52-week high of $2.98 and a 52-week low of $0.38.