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Arcimoto, Inc. (FUV) Stock Jumps 12.4%: Will It Continue to Soar?
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Arcimoto, Inc. (FUV - Free Report) shares rallied 12.4% in the last trading session to close at $5.70. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 11.2% loss over the past four weeks.
Arcimoto extended its rally for the second straight day, driven by a couple of positive updates by the company. Arcimoto recently commenced operations at its new RAMP facility, which would be instrumental in achieving mass production of the firm’s ultra-efficient electric vehicles (EVs).The RAMP facility would have a production capacity of 50,000 vehicles per year. FUV also unveiled the concept Mean Lean Machine (MLM), first-of-its kind tilting e-trike. The company’s CEO claims that the MLM is packed the MLM with cutting-edge features, including hub motors on all three corners and a pedal generator, to provide customers a fun ride unlike any other in the e-bike category. Scheduled to launch in late 2022, MLM is available for preorder now.
This company is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of -68.4%. Revenues are expected to be $1.42 million, up 132% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Arcimoto, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FUV going forward to see if this recent jump can turn into more strength down the road.
Arcimoto, Inc. is part of the Zacks Automotive - Original Equipment industry. China Automotive Systems (CAAS - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $2.68. CAAS has returned 0.4% in the past month.
China Automotive Systems' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.06. Compared to the company's year-ago EPS, this represents a change of +500%. China Automotive Systems currently boasts a Zacks Rank of #3 (Hold).
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Arcimoto, Inc. (FUV) Stock Jumps 12.4%: Will It Continue to Soar?
Arcimoto, Inc. (FUV - Free Report) shares rallied 12.4% in the last trading session to close at $5.70. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 11.2% loss over the past four weeks.
Arcimoto extended its rally for the second straight day, driven by a couple of positive updates by the company. Arcimoto recently commenced operations at its new RAMP facility, which would be instrumental in achieving mass production of the firm’s ultra-efficient electric vehicles (EVs).The RAMP facility would have a production capacity of 50,000 vehicles per year. FUV also unveiled the concept Mean Lean Machine (MLM), first-of-its kind tilting e-trike. The company’s CEO claims that the MLM is packed the MLM with cutting-edge features, including hub motors on all three corners and a pedal generator, to provide customers a fun ride unlike any other in the e-bike category. Scheduled to launch in late 2022, MLM is available for preorder now.
This company is expected to post quarterly loss of $0.32 per share in its upcoming report, which represents a year-over-year change of -68.4%. Revenues are expected to be $1.42 million, up 132% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Arcimoto, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FUV going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Arcimoto, Inc. is part of the Zacks Automotive - Original Equipment industry. China Automotive Systems (CAAS - Free Report) , another stock in the same industry, closed the last trading session 0.8% higher at $2.68. CAAS has returned 0.4% in the past month.
China Automotive Systems' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.06. Compared to the company's year-ago EPS, this represents a change of +500%. China Automotive Systems currently boasts a Zacks Rank of #3 (Hold).