Liana Pogosyan, the Acting Chief Financial Officer of Xos, Inc. (NASDAQ:XOS), recently sold 7,418 shares of the company's common stock. The shares were sold on December 5 at a weighted average price of $3.8683 per share, totaling approximately $28,695. Following this transaction, Pogosyan holds 61,570 shares, including unvested restricted stock units (RSUs). According to InvestingPro data, this transaction comes as XOS trades near its 52-week low of $3.50, with the company showing a weak financial health score amid significant cash burn. The stock appears undervalued based on InvestingPro's Fair Value analysis.
Additionally, on December 10, Pogosyan had 38 shares withheld by Xos to cover tax obligations related to the vesting of RSUs, at a price of $3.71 per share. This transaction was valued at $140. After this withholding, Pogosyan's total shareholding stands at 61,532, which includes 61,498 unvested RSUs. Despite challenging market conditions reflected in a 50% decline over the past six months, InvestingPro analysis reveals strong revenue growth of 81% in the last twelve months. Discover 14 additional key insights about XOS with an InvestingPro subscription, including detailed financial health metrics and growth projections.
In other recent news, XOS Inc. has been downgraded from Outperform to Market Perform by Northland, following a detailed review of the electric vehicle company's third-quarter 2024 financial results and recent developments. The firm has also significantly reduced the price target for XOS shares to $5.00, down from the previous $9.00 target. This adjustment is based on a comparison to the company's peers and forecasted fiscal year 2026 sales.
XOS Inc. reported a slight revenue increase in its Q3 earnings call, marking a fifth consecutive quarter of positive gross margins. The company reported a Q3 revenue of $15.8 million, a 1.6% increase from the previous quarter, and delivered 94 units. For Q4, XOS has revised its revenue guidance to between $54.1 million and $67.6 million and expects unit deliveries to range from 320 to 400 units.
These recent developments reflect XOS Inc.'s ongoing strategy to enhance operational efficiency and financial stability in the electric vehicle market. Despite challenges with collecting incentives, which have accumulated to over $25 million, XOS is making strategic adjustments to streamline approval processes. The company also anticipates a reduction in non-GAAP operating losses due to improved product margins and expense management.
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