Below is Our June 22nd, 2020 Report on Arcimoto (NASDAQ: FUV)
Arcimoto (FUV) Resumes Production
Arcimoto means ‘Future I Drive’ FUV is an acronym for Fun Utility Vehicle.
Good day everyone,
Today we are initiating coverage of Arcimoto, Inc. (NASDAQ: FUV), an Oregon based manufacturer of electric three wheeled hybrid type vehicles. They are producing three models, a recreational vehicle (FUV), a model for making deliveries (Deliverator) and an emergency response vehicle (Rapid Responder). All can be licensed for use on public roads.
Current price $3.57 per share
Outstanding shares (est.) 24.49M
Shares in float (est.) 13.94M
Insider ownership 43.36%
FUV shares have been showing strength since mid-March. We wanted to determine why and evaluate if the rise in the FUV share price is likely to continue.
A few things we considered were:
FUV shares have crossed their 50 DMA and 200 DMA of $2.35 and $2.03 respectively in a bullish manner.
FUV shares are leading their 20 SMA by 28.42%, their 50 SMA by 55.19%, and their 200 SMA by 75.78% indicating a potential, continuing trend.
Analysts have indicated strength with their ratings and target prices. Their average twelve-month price target is $7.33, suggesting a possible upside of 105.42%.
6/15/2020 Roth Capital Boost Price Target Buy $3.00 ➝ $5.00
4/15/2020 HC Wainwright Reiterated Rating Buy $7.00
12/12/2019 Dougherty & Co Initiated Coverage Buy
9/30/2019 Chardan Capital Set Price Target Buy $10.00
Arcimoto has 4,197 pre-orders for its flagship FUV vehicle. That is an approximate $80M backlog.
Progressive Insurance has agreed to insure Arcimoto vehicles.
Total revenues in 2019 were up 940% to $987,850 as compared to $94,996 in 2018.
Total revenue in the first quarter of 2020 was $616,795. Q1 revenue was negatively impacted by the COVID-19 pandemic shutdown.
The FUV is the flagship product at Arcimoto. It is a motorcycle-class vehicle priced at $19,900. The FUV has a top speed of 75 mph, an estimated city driving range of 102 miles per charge, and comes pre-loaded with heated seats, heated grips, Bluetooth speakers, lockable rear storage, and a Level 1 charging cable. HOV lane access and Rockstar Parking come standard.
Two years after becoming a public company, FUV began production at their Eugene Oregon manufacturing facility in September 2019. Regrettably, they had to shut down in Q1 due to coronavirus. They reopened their factory in a limited capacity in May 2020.
In addition to direct sales to businesses and consumers, the FUV business model includes rental franchises with one being established already in Key West Florida. You may eventually be able to rent an FUV at your vacation destinations.
As part of your due diligence you should visit the company website https://www.arcimoto.com/ and see how the company has created a buzz around its products. It appears that the company, in the near term, can sell all the vehicles it can produce.
When we analyze some of the data presented above, we can conclude FUV shares have the potential for significant gains because:
The current market cap is only $87.41M and the demand for electric vehicles is growing.
Production goals are for 16 units per week by the end of Q2 and to build the ramp to a planned 200 units per week by early 2021 which translates into a pro forma annualized revenue of $200M.
Pre-orders for product alone, are at a level equal to the market cap.
We believe the FUV market cap may gravitate higher and closer to pro forma revenue estimates.
We expect both Q1 and Q2 revenues could have been impacted negatively by coronavirus production restrictions, but the remainder of the year may see optimal production levels.
Good news on revenues, production, pre-orders, and franchise development may create multiple catalysts for FUV shares in the near term.
When we look at the chart, linked below, we can see how FUV shares went past their 50 and 200 DMA in a strong charge. We also note the significant increase in trading volumes and that the shares remain 20% off their 52-week high. https://stockcharts.com/h-sc/ui?s=FUV
Updated full report coming soon,
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