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 (AMC) - Get Report, Bed Bath & Beyond (BBBY) - Get Report, BlackBerry (BB) - Get Report and Koss (KOSS) - Get Report, all of whom have seen triple-digit percentage gains amid a renewed frenzy of retail buying.
In Workhorse’s case, investors have been bidding up shares of an otherwise unknown player in the EV space, which as of its most recent quarter lost $120.5 million on sales of approximately $521,000, riding the wave of so-called meme-stock buying of stocks that traders collectively believe will rise in value.
Trading in the company's call options was quadruple the average, according to Bloomberg, with premarket trading volume double its average.
The unusual rise in Workhorse's stock, seemingly driven by no specific news, matches the activity seen in other stocks that have captured the imaginations and pocketbooks of retail traders encouraging one another on message boards like Reddit to jump into the stock-trading game on expectations of a quick profit.
AMC shares have soared more than 3,000% year to date, driven by investor momentum though also in part confidence that the movie-theater chain is moving back to normal as the economy reopens and people return to the theater. AMC shares were down 32.27% after ending the trading day Wednesday up 95.59% at an all-time high of $62.55.
Shares of Koss were down 22.52% at $31.55 in early trading, while and shares of Bed Bath & Beyond, which surged more than 62% on Wednesday, were down 23.17% at $33.95. BlackBerry shares were up 12.9% at $17.22 after ending the trading day Wednesday up more than 32%.