Workhorse Joins Meme-Stock Club as Shares Surge
Workhorse Group, an electric-powered delivery and utility vehicle maker, joins the meme-stock club as its shares surge nearly 80% in five trading days.
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Workhorse Group (
WKHS) - Get Report, a Cincinnati-based electric-powered delivery and utility vehicle maker, joined the meme-stock club on Thursday, with its shares surging some 35% in early trading, pushing its stock price up nearly 80% in the past five trading days.
Workhorse shares were up 41.32% at $16.33 at last check, joining the likes of AMC Entertainment (
KOSS) - Get Report, all of whom have seen triple-digit percentage gains amid a renewed frenzy of retail buying.
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AMC and other now-household-name companies that have nothing in common other than capturing the imaginations and pocketbooks of online retail traders have been benefitting from another collective push by retail investors who feel there’s quick money to be made.
AMC s stock has soared more than 1,400% this year, leading gains among the group of meme stocks that have continued to be rooted on by traders retail investors in what has been dubbed a Reddit rally - a nod to the Reddit platform where investors encourage one another to bid up what they see as undervalued companies.
For AMC and CEO Adam Aron, the ongoing trading frenzy that has seen the movie theater giant’s shares zip as high as $32 and as low as $2 over the past six months has been an ongoing opportunity to issue shares and raise more capital as the company looks to return to a post-pandemic normal.