Rosella Holdings Cuts Stake in Lightning eMotors (ZEV) Despite Strong Q3 Results

Investing

Published: November 22, 2022 11:09 pm

Fintel reports that Rosella Holdings Ltd has filed a 13G/A form with the SEC disclosing ownership of 7,571,903 shares of Lightning eMotors, Inc. (ZEV). This represents 9.955% of the company.

In their previous filing dated May 14, 2021 they reported 11,170,687 shares and 15.30% of the company, a decrease in shares of 32.22% and a decrease in total ownership of 5.35% (calculated as current – previous percent ownership).

Lightning eMotors, Inc. operates as an automobile company. The Company manufactures electric fleet medium- and heavy-duty vehicles, including delivery trucks, shuttle buses, passenger vans, chassis-cab models, and city transit buses. Lightning eMotors serves customers worldwide.

In their most recent 8K, the company reported the following:

Record quarterly revenue of $11.1 million
Sold a record 93 zero-emission vehicles
Produced 104 vehicles and powertrains during the quarter, up from 43 in the prior year quarter
Announced strategic partnership with GoBolt to deploy 170 zero-emission cargo vans and box trucks across the U.S. and Canada
Announced 2nd Generation repower program for 40-foot transit buses

Third quarter production was 104 vehicles, up from 43 units in Q3 2021. Third quarter revenue was $11.1 million, compared to $6.3 million for the prior-year quarter.

Third quarter Net loss was $1.2 million, or $0.02 per diluted share, compared to net loss of $49.5 million, or $0.67 per diluted share, during the third quarter of last year. This year?s third-quarter net income included a one-time $18.1 million gain from the change in our earnout liability and a $3.7 million gain from the change in our derivative liability.

Third-quarter adjusted EBITDA loss was $17.0 million, compared to a loss of $9.3 million during the same period in the prior year. Third quarter adjusted net loss was $21.2 million, compared to a loss of $13.5 million.

The company provided the following guidance:

Fourth quarter revenue to be in the range of $13 million to $18 million
Fourth quarter vehicle and powertrain sales to be in the range of 100 to 130 units
Fourth quarter vehicle and powertrain production to be in the range of 130 to 140 units

What are other large shareholders doing?

Invesco Ltd. holds 3,118,464 shares representing 4.10% ownership of the company. In it’s prior filing, the firm reported owning 4,308,862 shares, representing a decrease of 38.17%. The firm decreased its portfolio allocation in ZEV by 96.02% over the last quarter.

Bank Of The West holds 709,821 shares representing 0.93% ownership of the company. No change in the last quarter.

CIBC Private Wealth Group, LLC holds 617,318 shares representing 0.81% ownership of the company. In it’s prior filing, the firm reported owning 937,875 shares, representing a decrease of 51.93%. The firm decreased its portfolio allocation in ZEV by 62.38% over the last quarter.

Geode Capital Management, Llc holds 578,074 shares representing 0.76% ownership of the company. In it’s prior filing, the firm reported owning 566,064 shares, representing an increase of 2.08%. The firm decreased its portfolio allocation in ZEV by 40.79% over the last quarter.

Parallax Volatility Advisers, L.P. holds 500,012 shares representing 0.66% ownership of the company. In it’s prior filing, the firm reported owning 500,083 shares, representing a decrease of 0.01%. The firm decreased its portfolio allocation in ZEV by 8.30% over the last quarter.

What is the overall Fund Sentiment?

There are 169 funds or institutions reporting positions in Lightning eMotors, Inc.. This is an increase of 60 owner(s) or 55.05%.

Average portfolio weight of all funds dedicated to Lightning eMotors, Inc. is 0.0271%, a decrease of 48.2796%. Total shares owned by institutions decreased in the last three months by 1.59% to 15,963,388 shares.

Fintel’s Fund Sentiment Score is a quantitative model that ranks companies from zero to 100 based on Fund Sentiment. Fund Sentiment is important because it tells you if funds are buying or selling – and in particular how the company ranks compared to other companies in the investing universe.

This article originally appeared on Fintel.

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