tiprankstipranks
Market News

Arcimoto’s Q2 Results Miss Estimates; Shares Fall 11.5%

Shares of electric vehicle manufacturer Arcimoto, Inc. (FUV) tanked 11.5% to close at $12 on Monday after the company reported weaker-than-expected results for the second quarter ended June 30, 2021.

Quarterly revenues rose 167% year-over-year to $717,379 on the back of product sales, which jumped to $644,019 from $254,955 a year ago. The revenue figure, however, missed the Street’s estimate of $2.09 million.

The company reported a quarterly loss of $0.23 per share, wider than the previous year’s loss of $0.15 per share. Analysts had anticipated the company to report a loss of $0.16 per share.

The CEO of Arcimoto, Mark Frohnmayer, said, “Q2 2021 was another major step forward towards Arcimoto’s long-term mission to catalyze sustainable mobility. We have continued to accelerate our pace of innovation and market presence, while navigating a pandemic-challenged global supply chain. The IPCC’s recently-issued ‘Code Red’ for the planet is our continued call to action: rightsizing transportation is going to take all of us, working together, to accomplish.” (See Arcimoto stock chart on TipRanks)

Three months ago, Colliers Securities analyst Michael Shlisky reiterated a Buy rating on the stock with a price target of $12. The analyst’s price target implies downside potential of 14.4% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus based on 1 Buy and 1 Hold. The average Arcimoto price target of $12 implies that the stock has 14.4% downside potential from current levels. Shares have gained 88.6% over the past year.

Related News:
Vermillion’s Q2 Earnings Rise Y/Y on Higher Commodity Prices
Diversey Shares Jump on Mixed Q2 Results
XpresSpa Group Receives Approval for Biosurveillance Tracking; Shares Rise 5.4%

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More