Fresh off its SPAC merger, shares of XL Fleet Corp XL are spiking higher with two major events that happened Wednesday.
Citron Research: Citron Research's Andrew Left said he's long shares of XL Fleet with a $60 price target. He said the total addressable market for XL Fleet is over $1 trillion.
“Electrification as a Service will be massive…more than twice $QS and $LAZR combined,” Citron said, referencing former SPAC high flyers QuantumScape Corp QS and Luminar Technologies LAZR.
A chart highlighting how XL Fleet is ahead of competitors shows XL Fleet hitting 4,284 units in 2020 and 9,234 cumulative through 2021.
Rivals Hyliion Holdings HYLN and Workhorse Group WKHS have totals of 420 units in 2020 and 2,720 combined for 2021.
Rivals Nikola Corporation NKLA and Lordstown Motors Corp RIDE show zero units in 2020 and 600 and 2,200 units through 2021 respectively.
Related Link: The Most Ridiculous IPO Of 2020: Citron Hits DoorDash With $40 Target
CNBC Appearance: XL Fleet founder Tod Hynes joined CNBC Wednesday morning to discuss his company and its place in the fleet electrification market. The company also rang the bell at the Nasdaq.
The CNBC appearance and share spike was one of several highlights shared on Wednesday’s SPACs Attack show. Disclosure: The author has a long position in XL Fleet.
XL Price Action: Shares of XL Fleet are up 76% to $31 at the time of writing.
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