Chardan Capital Keeps a Buy Rating on Arcimoto Inc (FUV)

By Jason Carr

Chardan Capital analyst James McIlree reiterated a Buy rating on Arcimoto Inc (FUVResearch Report) today and set a price target of $10.00. The company’s shares closed last Monday at $2.95.

According to TipRanks.com, McIlree is ranked #5089 out of 5538 analysts.

Arcimoto Inc has an analyst consensus of Moderate Buy, with a price target consensus of $8.50, implying a 182.4% upside from current levels. In a report issued on September 20, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.00 price target.

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Based on Arcimoto Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.92 million. In comparison, last year the company had a GAAP net loss of $3.25 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.