What's Going On With Workhorse Stock Wednesday?

Workhorse Group Inc WKHS shares appear to be moving higher on continued momentum Wednesday after the stock rallied 26% on Tuesday after Workhorse was awarded a contract for zero-emission commercial vehicles.

What Happened: Workhorse on Tuesday said it was awarded a Sourcewell contract for procurement in the category of Class 4-8 chassis and cabs with related equipment, accessories and services. The achievement allows Workhorse to expand its reach to government, educational and nonprofit sectors within all 50 states and Canada.

Sourcewell is a government agency created by the Minnesota legislature as a local unit of government. As an awarded contract supplier, Workhorse is now approved to serve Sourcewell’s network of members.

“Sourcewell’s streamlined purchasing process satisfies the legal requirement of the traditional bidding process, enabling our customers to quickly and efficiently acquire zero-emission vehicles that meet their operational requirements,” said Ryan Gaul, president of commercial vehicles at Workhorse.

“Municipalities across the nation are leading the way in the transition to zero-emissions fleets and this contract will allow Workhorse to work with them efficiently to deploy the vehicles they need to meet their plans.”

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How To Buy WKHS Stock

By now you're likely curious about how to participate in the market for Workhorse – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Workhorse, which is trading at $2.08 as of publishing time, $100 would buy you 48.08 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

WKHS Price Action: Workhorse shares closed Tuesday up 26.1%. The stock was up another 8.17% Wednesday morning, hovering around $2.25 at the time of publication, per Benzinga Pro.

Photo: courtesy of Workhorse.