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Citron Research, a firm known for its bearish calls and short-selling bets against stocks, tweeted out that XL Fleet (ticker: XL) is a Buy and worth up to $60 a share. Citron also said in the tweet that it owns XL shares.
The tweet originated at 1:41 p.m. Eastern time. Around then, the stock jumped from $25 to $28 and finished the day at $32.59, up 86%. Shares closed trading on Tuesday at $17.52, so the stock was up roughly $8 before the tweet's time stamp.
Earlier in the week, XL Fleet officially completed its merger with the special-purpose acquisition company Pivotal Investment. The SPAC is the surviving entity, but its name changed. The ticker symbol became "XL."
The merger completion is a largely technical issue because the transaction wasn't in jeopardy. But recent EV SPACs have had a habit of going up after merger closings and ticker changes. Fisker (FSR) stock rose roughly 30% -- from about $9 a share to less than $12 -- in the days surrounding the closing of its SPAC merger.
Fisker stock has basically doubled since late October, partly because of the closing. Wall Street analysts also launched coverage. There was a Buy rating, as well as a Sell rating, but even the Sell call -- from Wolfe Research analyst Rod Lache -- had a price target of $16 a share.
No analysts cover XL stock yet. Citron's $60 price target, values the company at roughly $8.6 billion, based on about 144 million shares outstanding postmerger. That's roughly 6 times projected 2024 sales of about $1.4 billion.
Thursday, XL Fleet stock was down a little in premarket trading, but the move is too small, given the scale of recent swings in the shares, to offer much insight into what the day will bring. Futures on the S&P 500 and Dow Jones Industrial Average were both up about 0.2%.
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