Shares of sustainable electric vehicles maker Workhorse Group reached a new 52-week high after company's shares were added to the Russell 3000® Index beginning June 29, 2020.
Workhorse Group Inc. (WKHS:NASDAQ) today announced that "its shares were added to the broad-market Russell 3000® Index at the conclusion of the annual reconstitution of the Russell indexes, effective after the U.S. market opens today, June 29, according to the FTSE Russell website."
The firm stated that "annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes."
The company's CEO Duane Hughes commented, "Our inclusion into the Russell 3000 Index represents another milestone for Workhorse as a public company in a year where we expect to make additional landmark achievements in the electric vehicle industry...The Russell Indexes are a widely known and well-respected benchmarking standard. We appreciate being a part of this select group and will look to leverage this platform to generate further interest and awareness in our business within the investment community and beyond."
The firm noted that Russell indexes are widely and frequently used by investment managers and institutional investors and that around $9 trillion in assets are benchmarked against Russell's U.S. indexes.
Workhorse Group Inc. is a technology company based in Cincinnati, Ohio, that provides electric vehicles to the last-mile delivery sector. The firm is an original equipment manufacturer (OEM) that designs and builds high performance, battery-electric vehicles including vans, trucks, drones and aircraft. The company advised that "it also develops cloud-based, real-time telematics performance monitoring systems that are fully integrated with our vehicles and enable fleet operators to optimize energy and route efficiency."
The firm stated that the FTSE Russell indexes cover 98% of the investable markets serving institutional and retail investors globally and that about $16 trillion is currently benchmarked to various FTSE Russell indexes.
Workhorse Group started off the day with a market capitalization of around $699.2 million with approximately 70.63 million shares outstanding and a short interest of about 14.1%. WKHS shares opened 23% higher today at $12.20 (+$2.30, +23.23%) over Friday's $9.90 closing price and reached a new 52-week high price this morning of $15.41. The stock has traded today between $11.00 to $15.41 per share and is currently trading at $14.04 (+$4.14, +41.79%).
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