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5 Investors Betting Big on Vicinity Motor (VEV) Stock


  • Vicinity Motor (VEV) has received a $100 million+ purchase order from Pioneer Auto Group.
  • The company is set to deliver 1,000 VMC 1200 Class 3 electric trucks by the end of 2023.
  • Shares of VEV stock are down more than 60% year-to-date.
VEV stock - 5 Investors Betting Big on Vicinity Motor (VEV) Stock

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Shares of Vicinity Motor (NASDAQ:VEV) stock are up by more than 10% after the electric vehicle (EV) maker received a $100 million+ purchase order from Pioneer Auto Group, its exclusive dealer in British Columbia, Canada. The order consists of 1,000 VMC 1200 Class 3 electric trucks. Vicinity is set to deliver at least 1,000 of these trucks by the end of 2023, while deliveries are scheduled to begin this month.

CEO William Trainer added that due to the “simplified assembly” of the VMC 1200, its new facility in Ferndale could see increased production capacity of 10,000 vehicles per year. Trainer also noted that it is “not facing significant pressures in the VMC 1200 supply chain specifically.” As a result, sales from the VMC 1200 will be significant contributor to 2023 revenue and profitability.

“We continue to see intense customer demand for class 3 commercial EVs, a segment that was largely unfilled prior to the arrival of the VMC 1200,” said Pioneer’s Ray Van Empel. “Given the wide array of federal and province level incentives for the adoption of electric vehicles, the VMC 1200 is truly a no brainer to buyers from a financial perspective.”

The purchase order should help pick up VEV stock from the depths, as shares are still down more than 60% year-to-date. With that in mind, let’s take a look at the investors betting big on Vicinity’s success.

5 Investors Betting Big on VEV Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q2, 13 13F filers reported owning VEV, a decline of four filers from the previous quarter. On the other hand, the institutional put/call ratio sits at a feeble 0.13, down from 0.16 during Q1. That’s equivalent to calls against 22,800 shares  and puts against 3,000 shares. Of the outstanding call options, Susquehanna International Group alone owns calls against 22,300 shares of VEV. Let’s dive into the company’s top five shareholders:

  1. JPMorgan Chase (NYSE:JPM): 275,800 shares. JPMorgan purchased 162,100 shares during Q2.
  2. Perkins Capital Management: 123,000 shares. Perkins sold 10,000 shares during Q2.
  3. Warberg Asset Management: 55,068 shares. Warberg sold 1,171 shares during Q2.
  4. Scotia Capital: 27,468 shares. Scotia purchased 385 shares during Q2.
  5. National Bank of Canada: 17,285 shares. The National Bank sold 3,000 shares during Q2.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/10/5-investors-betting-big-on-vicinity-motor-vev-stock/.

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