tiprankstipranks
Xos Discloses Preliminary Q4 Results; Shares Rise 5.7%
Market News

Xos Discloses Preliminary Q4 Results; Shares Rise 5.7%

Xos, Inc. (Nasdaq: XOS) has revealed preliminary delivery and revenue figures for the fourth quarter of 2021. Shares of the company rallied 5.7% in Monday’s extended trading session to close at $2.43.

The company manufactures Class 5 through Class 8 commercial electric vehicles and powertrains; and provides charging infrastructure and fleet management software for fleets.

During the quarter, Xos said that it delivered 32 units, and it expects to have generated revenue of $3.1 million. The figures compare favorably with the prior outlook of 15 to 25 unit deliveries and revenues of $1.7 to $3 million.

The CEO of Xos, Dakota Semler, said, “Our ramp up in deliveries as we moved through the fourth quarter at both our Byrdstown and Monterrey facilities demonstrates our ability to fulfill customer orders for our zero-emission vehicles and powertrains in the face of a global supply chain disruption.”

“We have continued to innovate and are excited to have installed our next-generation Lyra Series™ commercial vehicle battery packs in units delivered in the fourth quarter. We owe our success to the contributions of our dedicated Xos team members and look forward to scaling further in 2022,” he added.

Stock Rating

Recently, Colliers Securities analyst Richard Ryan maintained a Buy rating on Xos with a price target of $8 (247.8% upside potential from current level).

Commenting on fourth-quarter results, Ryan said, “While we don’t have a specific call for a Q4’21 beat (or miss for that matter) due to uncertainties around timing of revenue recognition, we do expect a substantive “beat” on nearly-done units and an improving 2022 outlook, as the company ramps up battery production with its automation equipment and supply chain constraints ease. Near-term catalysts include the potential for announcements around new vehicle orders and/or deliveries.”

Based on 1 Buy, 1 Hold and 1 Sell, the stock has a Hold consensus rating. The average Xos price target of $4.93 implies 114.4% upside potential from current levels. Shares have declined 77.2% over the past year.

Negative Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on XOS, as 7.9% of investors decreased their exposure to the stock over the past 30 days.

Download the TipRanks mobile app now

To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.

Read full Disclaimer & Disclosure

Related News:
Israeli Health Ministry to Buy 5M Doses of Novavax’s COVID-19 vaccine
L3Harris Posts Mixed Results for the Fourth Quarter
Nexstar Media Raises Quarterly Dividend by 29%

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles