By Christiana Sciaudone — Workhorse Group Inc (NASDAQ:WKHS) slid more than 11% after Cowen downgraded shares after what it called a "meme stock spike" this week.

The electric delivery vehicle maker rose 57% this week, prompting Cowen to drop the stock to market perform from outperform with little near-term upside ahead, CNBC reported.

“We view shares as fairly valued following the recent rally which we view as not supported by fundamentals or company specific catalysts,” the firm said.

It's been a wild week for meme stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC), which has twice sold shares this week generating about $800 million in cash, tapping into the thirst of retail investors. Those traders have been targeting institutional investors who have shorted companies anticipating the stocks will drop.

CNBC said Workhorse has 41% of its float sold short, compared to 21% for AMC Entertainment.

Cowen said the company has up to a year before the competition heats up, with Ford and GM on its heels.

Earlier this year, Workhorse lost out on a major contract with the U.S. Postal Service. Last year, short-seller Hindenburg Research called out the company's “astronomical valuation” of about $1.5 billion. It's currently got a market capitalization of $1.6 billion.

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