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Xos, Inc. (XOS) Stock Jumps 28.0%: Will It Continue to Soar?
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Xos, Inc. (XOS - Free Report) shares soared 28% in the last trading session to close at $13.57. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 30.2% gain over the past four weeks.
Shares of XOS rallied for the fifth consecutive trading session yesterday. Investors are seemingly optimistic of a purchase order from Mission Linen Supply for twelve SV Stepvans from XOS. These stepvans are deemed well-suited for parcel delivery and linen services.
XOS looks poised to maintain its upward trajectory. In January 2024, it entered into a merger agreement with Canadian manufacturer ElectraMeccanica, aimed at bolstering its sales of electric vehicles, particularly zero-emission medium-duty electric trucks.
XOS reported its third quarter 2023 results in November. It delivered 105 units during the quarter, representing a 176% growth. During the third-quarter results, the company forecast 2023 deliveries in the range of 250 to 350 units in 2023. Having delivered 174 units by the end of September, the company remains on track to potentially surpass 100 units for a second consecutive quarter in Q4’23.
This company is expected to post quarterly loss of $2.40 per share in its upcoming report, which represents a year-over-year change of +42.9%. Revenues are expected to be $19.45 million, up 127% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Xos, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on XOS going forward to see if this recent jump can turn into more strength down the road.
Xos, Inc. belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Tesla (TSLA - Free Report) , closed the last trading session 7.2% lower at $188.14. Over the past month, TSLA has returned 7.8%.
Tesla's consensus EPS estimate for the upcoming report has changed -10.1% over the past month to $0.67. Compared to the company's year-ago EPS, this represents a change of -21.2%. Tesla currently boasts a Zacks Rank of #3 (Hold).
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Xos, Inc. (XOS) Stock Jumps 28.0%: Will It Continue to Soar?
Xos, Inc. (XOS - Free Report) shares soared 28% in the last trading session to close at $13.57. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 30.2% gain over the past four weeks.
Shares of XOS rallied for the fifth consecutive trading session yesterday. Investors are seemingly optimistic of a purchase order from Mission Linen Supply for twelve SV Stepvans from XOS. These stepvans are deemed well-suited for parcel delivery and linen services.
XOS looks poised to maintain its upward trajectory. In January 2024, it entered into a merger agreement with Canadian manufacturer ElectraMeccanica, aimed at bolstering its sales of electric vehicles, particularly zero-emission medium-duty electric trucks.
XOS reported its third quarter 2023 results in November. It delivered 105 units during the quarter, representing a 176% growth. During the third-quarter results, the company forecast 2023 deliveries in the range of 250 to 350 units in 2023. Having delivered 174 units by the end of September, the company remains on track to potentially surpass 100 units for a second consecutive quarter in Q4’23.
This company is expected to post quarterly loss of $2.40 per share in its upcoming report, which represents a year-over-year change of +42.9%. Revenues are expected to be $19.45 million, up 127% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Xos, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on XOS going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Xos, Inc. belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Tesla (TSLA - Free Report) , closed the last trading session 7.2% lower at $188.14. Over the past month, TSLA has returned 7.8%.
Tesla's consensus EPS estimate for the upcoming report has changed -10.1% over the past month to $0.67. Compared to the company's year-ago EPS, this represents a change of -21.2%. Tesla currently boasts a Zacks Rank of #3 (Hold).