Today, investors in early stage electric behicle (EV) company Workhorse (NASDAQ:WKHS) are once again licking their wounds. WKHS stock is down in double-digit fashion today as investors continue to sell this once high-flying stock.
Just how far have shares of WKHS stock fallen?
Well, since the company’s meme-stock melt-up earlier this year to nearly $43 per share, shares of WKHS stock are now approaching $6 per share. That’s good for a decline of more than 85% from its peak. This level also represents a fresh 52-week low for a stock that had so much potential.
With so much bearish momentum around this EV stock, it seems that many investors have sought greener pastures in the EV space. A string of bearish headlines continue to hammer this stock. And today is no different.
Let’s dive into what’s driving Workhorse lower today.
WKHS Stock Down on Executive Cleanup
Last week, it was reported that both the CFO and COO of Workhorse have left the company. The way the press release was worded, it sounds like these senior executives quit. For investors in WKHS stock, such a move does not inspire confidence with respect to where this stock is headed.
The company has framed these departures as a corporate management shakeup. Replacements have been hired, and the company states it’s on its way to meeting its commercial goals.
However, yesterday, the company announced that its top legal advisor had also departed the company. This appears to be one too many departures for investors to handle. Accordingly, it seems this is one early stage EV stock investors don’t want to be involved with.
Indeed, given the rebound stories we’ve seen over the past year, the absolutely terrible price action with WKHS stock speaks volumes. Whether or not this stock can recover remains to be seen. However, right now, WKHS stock appears to be a falling knife investors don’t want to catch.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.