Why Workhorse Stock Is Soaring Today

Workhorse Group Inc WKHS is trading significantly higher Thursday morning as retail trader interest increases as a result of the stock's high short interest. 

What Happened: Workhorse has started to pick up traction across social media platforms. Retail traders are discussing the short squeeze potential of the stock as short interest sits close to 42%. 

Traders on the Subreddit r/wallstreetbets started posting about the stock after seeing the recent moves in stocks like AMC Entertainment Holdings Inc AMC, GameStop Corp GME and BlackBerry Ltd BB.

Workhorse was trending on Stocktwits behind AMC Entertainment and BlackBerry at publication time.

Related Link: EV Stocks Workhorse, Lordstown Motors Ride The Short Squeeze Wave

Recent Earnings Disappointment: On May 10, Workhorse reported quarterly revenue of $521,000, which came in well below the estimate of $2.61 million. 

“We have had a step function improvement in production in the last month. Although we had planned to have achieved our year-to-date number of trucks produced sooner, we took the additional time to ensure that we were building top-quality vehicles for our customers while improving our production processes,” said Duane Hughes, CEO of Workhorse. 

See also: How to Buy Workhorse Group, Inc. (WKHS) Stock

Hughes also cited global supply chain issues and offshore shipping delays as reasons for the company's limited production. 

Price Action: Workhorse has traded as high as $42.96 and as low as $2.56 over a 52-week period. 

At last check Thursday, the stock was up 29.90% at $14.73.