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Here's How Much Investing $1,000 In Workhorse In 2010 Would Be Worth Today

Here's How Much Investing $1,000 In Workhorse In 2010 Would Be Worth Today

Investors who owned stocks in the 2010s generally experienced some big gains. In fact, the SPDR S&P 500's (NYSE: SPY) total return for the decade was 250.5%. But there’s no question some big-name stocks did much better than others along the way.

Workhorse’s Difficult Decade: One underperformer of the last decade was electric vehicle maker Workhorse Group Inc (NASDAQ: WKHS).

Workhorse started the 2010s under the name AMP Electric Vehicles and listed on the OTC market in 2010 trading under the ticker AMPD. In 2015, the company announced it would be changing its name, issuing a 10-to-1 reverse stock split and uplisting to the Nasdaq.

Workhorse shares started the 2010s trading at around 75 cents and hit their decade low of 8 cents in mid-2014. Workhorse shares traded back up above 50 cents by the time the stock issued the reverse split and uplisting in 2015.

After hitting new all-time highs at $11.70 in early 2016 following the reverse split, Workhorse shares drifted steadily lower over the next three years, eventually falling all the way back down to 37 cents in late 2018.

The story for Workhorse investors has changed dramatically in 2019 when investor appetite for EV stocks began to pick up. After trading between around $2.50 and $4 for most of the second half of 2019, Workhorse shares broke out to the upside on a surge of volume in late June 2020.

2020 And Beyond: The breakout came after Workhorse gained Federal Motor Vehicle Safety Standards (FMVSS) approval to begin selling its new C650 and C1000 electric delivery vans in the U.S. Workhorse is expected to begin selling its new C-Series vans in conjunction with partner Ryder Systems (NYSE: R) by the end of the year.

Workhorse shares made new all-time highs above $11.70 in late June and eventually peaked at $22.90 in the first week of July before cooling back down to around $14.50.

Given the company’s huge 2020, investors who bought AMP Electric shares back in 2010 for 75 cents have now turned a profit despite a difficult decade of performance up until recently. In fact, $1,000 worth of AMP Electric stock back in 2010 would be worth about $1,937 today.

Looking ahead, analysts expect Workhorse’s 2020 momentum to continue in the next 12 months. The average price target among the three analysts covering the stock is $26, suggesting 78% upside.

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