Xpel hits over one-year low after Culper Research says short on co

XPEL

19/10/2023 19:18

** Shares of U.S.-based protective films and coatings
provider Xpel Inc  XPEL.O  fall 9.4% to $55.48 - its lowest in
over a year after Culper Research goes short on co 
    ** Culper Research report alleges that co "grossly
understated" its reliance on Tesla  TSLA.O  after Culper's
survey of XPEL installers showed more reliance on Tesla than co
has disclosed 
    ** Short seller says it sees virtually no correlation
between U.S. auto sales and XPEL's growth; co's revenue growth
mirrors growth in Tesla vehicle deliveries 
    ** Culper says XPEL 'concealing massive undisclosed risk' as
Tesla has reportedly started offering paint protection films
(PPFs) 
    ** Co's primary supplier, Entrotech, has partnered with Xpel
peer PPG  PPG.N   - Culper Research
    ** XPEL did not immediately respond to a Reuters request for
comment 
    ** Stock down 7.6% YTD, including session losses 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))