Chardan Capital Sticks to Their Buy Rating for Arcimoto Inc (FUV)

Chardan Capital analyst James McIlree reiterated a Buy rating on Arcimoto Inc (FUVResearch Report) yesterday and set a price target of $10. The company’s shares closed yesterday at $2.82.

McIlree commented:

“We have Q3 revenue of $1.5 million, or about 75 vehicles which is still achievable as long as the lamp issue and brake testing is completed in a timely manner.”

According to TipRanks.com, McIlree is a 1-star analyst with an average return of -3.7% and a 40.5% success rate. McIlree covers the Consumer Goods sector, focusing on stocks such as Foresight Autonomous Holdings Ltd, Vuzix Corporation, and KEYW Holding.

Currently, the analyst consensus on Arcimoto Inc is a Moderate Buy with an average price target of $10.

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Based on Arcimoto Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $3.07 million. In comparison, last year the company had a GAAP net loss of $2.05 million.

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Arcimoto, Inc. engages in the design, development, manufacturing, and sales of electric vehicles. It also involves in building products that catalyze the shift to a sustainable transportation system. The company was founded by Mark Frohnmayer on November 21, 2007 and is headquartered in Eugene, OR.