Why Shares of Workhorse Group Dropped 11% in July

Climbing more than 470% higher through the first half of 2020, shares of electric vehicle (EV) manufacturer Workhorse Group (NASDAQ: WKHS) ran out of gas in July and sank 11%, according to data from S&P Global Market Intelligence. The first note of concern from the Street came in early July when Michael Shlisky, an analyst at Colliers, downgraded Workhorse Group to neutral from buy, acknowledging concerns that the stock had risen 500% over the past six weeks. Stating his preference to "take a moment to recharge our batteries" before the company reported second quarter earnings, Shlisky also withdrew his $11 price target on the stock, according to Thefly.com.