Arcimoto (NASDAQ:FUV) is a self-driving electric vehicle maker that designs and manufactures affordable, ultra-efficient electric vehicles. It went public in 2017 and is listed on Nasdaq under the ticker symbol “FUV.” In addition to being the company”s ticker, FUV also stands for The “Fun Utility Vehicle”, a three-wheeled all-electric vehicle designed for every-day driving.
The Boom of EV Stocks
Climate change concerns coupled with advances in technology and favorable government policies have resulted in rapid growth of the electric vehicle (EV) market. New entrants in the e-mobility space are banking on the EV frenzy and following Tesla’s success.
For the first time in history, automakers around the world are selling one million plugin electric vehicles in the last quarter. The industry had to wait since 2015 to get its first million. At this point, the worldwide fleet is about to surpass the 10 million mark. “McKerracher said”
Arcimoto (FUV) announced 1 million shares of common stock On Nov 24
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The company announced that it will directly offer 1 million shares to institutional investors. The firm said it will use the proceeds of $15.25 million to continue to finance the growth the company.
Company has seen price surge of over 100% in last 3 months, As a result of the recent stock price increase, Arcimoto is making an effort to take advantage. Especially for a company whose production is ramping up, this is not a bad thing inherently. Existing shareholders are diluted by about 7% when additional shares are offered.
Q3 Results
The company reported on November 16 that it brought in $683,895 in revenue for the third quarter, a significant increase over the $33,211 it brought in for the third quarter last year. Moreover, 31 vehicles were delivered to customers in September alone, leading to a big increase in revenue.
An estimated net loss of $4.0 million ($0.15 per share) was reported by Arcimoto Inc. in its third quarter of fiscal 2020. Its net loss in the same period was $0.22 per share in fiscal 2019.
The firm finished the third quarter with $17.0 million in cash and cash equivalents, up from $5.8 million as of December 31, 2019.
September 30, 2020 revenue exceeded every prior full-year total, and our balance sheet is at its strongest in years,” said Douglas Campoli, Arcimoto’s CFO and treasurer.
Nationwide Expansion Plan
on December 14 FUV Announced its next step in expanding nationwide, Arcimoto (FUV) opened reservations in the state of Florida. Customers began receiving emails from Arcimoto with the opportunity to reserve the FUV or the upcoming Roadster with nonrefundable deposits. Florida FUV deliveries should begin in early 2021, and first Roadster deliveries should begin later that year.
Stock Performance:
Arcimoto Inc. (NASDAQ:FUV) went down by -6.37% from its latest closing price compared to the recent 1-year high of $20.20. The company’s stock price has collected -7.80% of loss in the last five trading sessions. FUV stocks went down by -7.80% for the week, with a monthly jump of 10.71% and a quarterly performance of 97.17%, while its annual performance rate touched 711.66%. The volatility ratio for the week stands at 11.61% while the volatility levels for the past 30 days are set at 12.78% for Arcimoto Inc.. The simple moving average for the period of the last 20 days is -1.21% for FUV stocks with a simple moving average of 122.48% for the last 200 days.
Today, Arcimoto (FUV) stock is considered to be one of the most interesting electric vehicle (EV) companies in the industry. The stock was up over 100% in last year. Share your thoughts in comments session.
