Hindenburg Research is Short Workhorse Group (WKHS), Sees 50% Downside

(Updated - July 10, 2020 1:25 PM EDT)

Hindenburg Research said it is short Workhorse Group (NASDAQ: WKHS). The firm believes there is an "immediate" 50% downside in the stock and sees the chance of the company winning a material USPS contract as "virtually zero."

We're short $WKHS because we think there's immediate 50% downside. The company has an astronomical valuation of ~$1.5B despite less than $100k in revenue last quarter.

We see the chance of winning a material USPS contract as virtually zero. A reality check is on its way.

— Hindenburg Research (@HindenburgRes) July 10, 2020

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