I believe Workhorse (NASDAQ:WKHS) is now teetering on the edge of insolvency after indisputably failing its unviable USPS bid attempt. Since my initial report, WKHS fundamentals have deteriorated faster and to a greater degree than even I expected, causing WKHS to lose nearly half of its value. Recently however, investors have become confused again about WKHS’ prospects and financial viability, and have temporarily bid WKHS stock to a dot-com bubble valuation of >149x revenue. This valuation flies in the face of considerable deterioration in WKHS’ business, imminent insolvency and a crushing and undeniable failure to win the USPS bid. Meanwhile, WKHS continues to under invest in R&D while larger, superior competitors enter the electri…
Read the full article at: http://seekingalpha.com/article/4008417-workhorse-strong-sell-insolvency-failed-usps-bid-unviable-products-new-price-target-lowered
