Shares of XL Fleet Corp. (NYSE:XL) dropped 7.9% during trading on Tuesday . The stock traded as low as $6.25 and last traded at $6.30. Approximately 53,591 shares changed hands during trading, a decline of 99% from the average daily volume of 6,471,263 shares. The stock had previously closed at $6.84.
XL has been the subject of several recent research reports. Canaccord Genuity lowered shares of XL Fleet from a “buy” rating to a “hold” rating and set a $6.00 target price for the company. in a research note on Monday, August 16th. BTIG Research downgraded shares of XL Fleet from a “buy” rating to a “neutral” rating in a report on Friday, July 9th.
The stock has a market capitalization of $871.04 million, a price-to-earnings ratio of 320.66 and a beta of 0.53. The company’s 50-day simple moving average is $6.56 and its 200-day simple moving average is $7.44.
A number of institutional investors and hedge funds have recently modified their holdings of XL. US Bancorp DE acquired a new position in XL Fleet during the second quarter worth $25,000. Ameritas Investment Partners Inc. acquired a new position in shares of XL Fleet in the 2nd quarter valued at $25,000. Citigroup Inc. lifted its holdings in shares of XL Fleet by 3,940.7% during the 2nd quarter. Citigroup Inc. now owns 3,273 shares of the company’s stock valued at $27,000 after acquiring an additional 3,192 shares in the last quarter. First Foundation Advisors bought a new stake in shares of XL Fleet in the 2nd quarter worth about $85,000. Finally, GSA Capital Partners LLP bought a new stake in shares of XL Fleet during the second quarter valued at approximately $88,000. 16.62% of the stock is owned by institutional investors.
XL Fleet Company Profile (NYSE:XL)
XL Fleet Corp. provides fleet electrification solutions for commercial vehicles in North America. Its products include hybrid electric drive systems are comprised of an electric motor that is mounted onto the vehicle's drive shaft, an inverter motor controller, and a lithium-ion battery pack to store energy to be used for propulsion; plug-in hybrid electric drive system, which offers a more significant MPG and emissions improvement than the hybrid system, while enabling customers to plug in their vehicles to a level 1 or level 2 charging station.
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