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.