Cowen analysts downgraded the stock to market perform from outperform following the results. The firm says the shares look fairly valued.
"We make no changes to our estimates or $13 price target and ... see no major near-term catalysts to buoy [the] shares further," the firm said.
Workhorse shares at last check dropped 11% to $13.17. The stock closed last Friday at $9.37. On Feb. 4 it touched a 52-week high just under $43.
Workhorse was part of the meme-stock surge this week, jumping nearly 80% in the five trading days before its earnings report Thursday after the closing bel.
Investors have been bidding up shares of the little-known player in the EV space, which for its most recent quarter posted a $120.5 million loss on sales of $521,000. The loss was 94 cents a share. Analysts surveyed by FactSet were expecting a loss of 17 cents a share on revenue of $2.3 million.
Trading volume as of noon U.S. Eastern on Friday was nearly double its daily average.
The company has been caught in the wave of so-called meme-stock buying, led by small investors on the subreddit WallStreetBets.
Workhorse's volume jump matches the activity seen in other stocks that have captured the imaginations and pocketbooks of retail traders.
They are encouraging one another, on message boards like Reddit, to jump into the stock-trading game on expectations of quick profits.