Shares of Workhorse Group Inc. (WKHS) soared 48% on very heavy volume Monday, putting them on track for an 8-day win streak, as the electric van maker was added to the Russell 3000 index as of the opening bell. Trading volume was 92.3 million shares, compared with the full-day average of about 12.1 million shares. The stock has more than tripled (up 253%) during its current winning streak, lifting Workhorse's market capitalization to $1.03 billion. An 8-day win streak would be the longest since the 8-day stretched ending July 15, 2019. The company had announced last Tuesday that it had "successfully completed Federal Motor Vehicle Safety Standards" testing for its C650 and C1000 all-electric delivery vans. And Friday, ecommerce giant Amazon.com Inc. (AMZN) announced a deal to buy self-driving technology company Zoox, with analysts estimating a purchase price of over $1 billion ( ), according to an Associated Press report. Shares of other electric vehicle makers were also rising Monday, amid a broader stock market rally, but by less than Workhorse's stock. Shares of Tesla Inc. (TSLA) rose 3.4%, Nio Inc. (NIO) advanced 4.4% and Nikola Corp. (NKLA) rallied 4.9%, while the S&P 500 surged 1.2%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 29, 2020 14:16 ET (18:16 GMT)
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