Arcimoto reported full-year 2020 results that fell short of the Street’s estimates. Shares of the electric vehicles maker were down about 2% in Wednesday’s extended trading session.
Arcimoto (FUV) reported a loss of $0.63 per share in 2020, which was wider than analysts’ expectations of $0.55 per share. However, it compared favorably to the year-ago period’s loss of $0.85 per share in 2019.
Meanwhile, Arcimoto’s 2020 revenues missed the Street’s estimates of $3.02 million but grew 120% year-over-year to $2.2 million. Top-line growth was driven by the sale of vehicles, merchandise and outside metal fabrication, and from grants.
The company said that it sold 97 Arcimoto FUVs [fun utility vehicles] in 2020, an increase of 110% year-over-year, despite production shutdowns due to COVID-19. (See Arcimoto stock analysis on TipRanks)
On March 29, Colliers Securities analyst Michael Shlisky maintained a Buy rating and a price target of $20 (51.2% upside potential). In a note to investors, the analyst said, “We can expect ongoing improvements in the production rate this year, as well as an expansion of the marketing efforts on the core FUV; incremental adoption of the Deliverator; and new products such as the Roadster motorcycle.”
Shlisky added, “Progress continues in most areas, with the potential for large chunks of incremental demand. We remain positive on FUV’s potential as a transportation disruptor going forward.”
Turning now to the rest of the Wall Street community, Arcimoto has a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average analyst price target of $14 implies upside potential of about 6% to current levels. Shares have skyrocketed about 1061% in one year.