XOS - Why Shares of Xos Soared 25.1% in March
After sinking more than 24% through the first two months of 2022, shares of Xos (NASDAQ: XOS) headed in the other direction last month and rose 25.1% in March, according to data from S&P Global Market Intelligence .
In addition to news regarding the delivery of vehicles to an important customer, the company's announcement of its fourth-quarter 2021 earnings, and an auspicious forecast for the start of 2022 electrified the bulls' excitement last month.
The first catalyst for the stock's rise came on March 8, when the company announced that it had delivered three vehicles to UniFirst , a provider of uniform and protective clothing, at its southern California location. Xos plans on making additional deliveries of its electric trucks to UniFirst at its location in Boston during the second half of 2022. While the delivery of three vehicles is hardly transformational, investors recognize the company's achievement as an encouraging sign regarding the likelihood of further deliveries that are in the works. During an investor presentation in January, Xos reported that UniFirst -- as well as Cintas and Morgan Services -- have signed letters of intent for the purchase of up to 200 vehicles.
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Why Shares of Xos Soared 25.1% in March