XL Fleet Corp (NYSE:XL) dropped 6% after the fleet electrification, and the energy efficiency solutions provider announced that it would release its Q1 2022 financial results on Tuesday, May 10, 2022, after market close, followed by a conference call to discuss the results.
Market Reaction
On Thursday, XL stock fell 5.60% at $1.52 with more than 1.95 million shares, compared to its average volume of 2.92 million shares. The stock moved within a range of $1.5000 – 1.6900 after opening trade at $1.64.
Key Details
The company is a major supplier of automotive electrification technologies for municipal and commercial fleets in North America and is driving the transition to low carbon with fuel efficiency solutions for companies. Customers, including Verizon and The Coca-Cola Company, have travelled almost 180 million miles on the company’s hybrid-electric drive systems, which can improve fuel efficiency and reduce emissions, both of which are important components of client sustainability initiatives.
Recently the company announced the appointment of Tod Hynes as the Chairperson of its Board of Advisors, and he has resigned as XL Fleet president and member of the Board of Directors. Hynes will focus on other organizations looking to reduce fossil fuel use and mitigate climate change. So investors should watch XL.
Traders Review
XL stock is trading below the 20-Day and 50-Day Moving averages of $1.83 and $1.95 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.32.
