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Monday, April 01, 2024 5:48:48 PM
Published 2024-04-01
https://ca.investing.com/news/stock-market-news/xos-shares-upgraded-to-buy-by-da-davidson-93CH-3329067
On Monday, DA Davidson shifted its stance on XOS Inc. (NASDAQ: XOS), upgrading the stock from Neutral to Buy, while maintaining a price target of $17.00. The upgrade follows XOS's fourth-quarter results for 2023, which have contributed to a more optimistic outlook for the electric vehicle (EV) truck manufacturer.
The firm's decision comes on the heels of the company's recent acquisition of SOLO, completed last week, which has significantly improved XOS's financial outlook. The analyst noted that the acquisition might enable XOS to eliminate the "going concern" provision from its financial statements, indicating a more stable financial position.
XOS's recent deal to supply powertrains to a leading electric bus provider was also highlighted as a key factor behind the upgrade. This development is seen as a strong endorsement of XOS's technology and its potential within the EV industry.
The analyst expressed confidence in the company's trajectory, citing the return of customers and their increasing orders for more trucks. This customer loyalty and growing demand are viewed as positive indicators for XOS's performance in the competitive EV market.
DA Davidson's maintained price target of $17.00 reflects a steady outlook for XOS's share value, underpinned by recent strategic moves and partnerships that could position the company favorably in the evolving EV landscape.
InvestingPro Insights
Following DA Davidson's upgrade, real-time data from InvestingPro provides a deeper look into XOS Inc.'s financial health and market performance. With a market capitalization of $61.14 million, XOS shows a significant revenue growth of 22.4% in the last twelve months as of Q4 2023. This growth trajectory is underscored by an impressive quarterly revenue growth of 114.4% in Q4 2023, signaling potential in the company's operational expansion and market penetration.
Despite these promising signs, XOS faces challenges highlighted by InvestingPro Tips. The company's stock price has experienced substantial volatility, and analysts are not expecting profitability this year, which is reflected in the negative P/E ratio of -0.8. Additionally, with a gross profit margin of -2.9%, XOS is grappling with weak gross profit margins, emphasizing the need for improved cost management and operational efficiency.
Investors may take note of the company's ability to maintain liquidity, as indicated by liquid assets exceeding short-term obligations. This aspect of XOS's financial position could provide some reassurance amidst the high price volatility of its stock.
Recent XOS News
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/13/2024 12:39:38 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/13/2024 12:37:39 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/13/2024 12:35:51 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/13/2024 12:32:59 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/13/2024 12:28:37 AM
- Xos, Inc. Announces Second Quarter 2024 Earnings Release Date and Conference Call • GlobeNewswire Inc. • 07/11/2024 02:10:40 PM
- Xos, Inc. Delivers First Stepvans and Energy Solutions to Neighbor, Morgan Services • GlobeNewswire Inc. • 06/25/2024 11:30:00 AM
- The 2024 Xos SV Stepvan Now Available for Incentives on the HVIP Vehicle Catalog • GlobeNewswire Inc. • 05/02/2024 11:30:00 AM
- Xos, Inc. Announces First Quarter 2024 Earnings Release Date and Conference Call • GlobeNewswire Inc. • 04/22/2024 06:04:05 PM
- Xos, Inc. Unveils Upgraded 2024 Xos SV Stepvan with Enhanced Features for Fleet Operators • GlobeNewswire Inc. • 04/04/2024 09:41:33 PM
- Xos, Inc. Accelerates Growth with Strategic Acquisition of ElectraMeccanica • GlobeNewswire Inc. • 03/26/2024 12:51:00 PM
- Xos, Inc. Announces Fourth Quarter and Full Year 2023 Earnings Release Date and Conference Call • GlobeNewswire Inc. • 03/14/2024 10:01:42 PM
- Xos, Inc. Secures Purchase Order from Mission Linen Supply for New 22’ Stepvan Option • GlobeNewswire Inc. • 02/29/2024 12:30:00 PM
- Xos, Inc., Winnebago Announce Partnership and Development of Fully Electric Specialty Vehicle Chassis • GlobeNewswire Inc. • 02/22/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 01:56:36 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 01:55:02 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 01:53:37 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 01:52:27 AM
- ElectraMeccanica Announces Filing and Mailing of the Joint Proxy Statement/Management Information Circular in Connection with its Special Meeting of Shareholders to Approve the Proposed Combination with Xos • Business Wire • 02/13/2024 09:30:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 02/09/2024 11:01:45 AM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 02/01/2024 02:57:29 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/01/2024 02:56:37 AM
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