Electric Last Mile Solutions (NASDAQ:ELMS) Cut to “Sell” at Zacks Investment Research

Electric Last Mile Solutions (NASDAQ:ELMS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Electric Last Mile Solutions Inc. is a pure-play commercial electric vehicle company. Electric Last Mile Solutions Inc., formerly known as Forum Merger III Corporation, is based in DELRAY BEACH, Fla. “

Several other equities research analysts have also commented on ELMS. DA Davidson assumed coverage on Electric Last Mile Solutions in a research report on Tuesday, August 10th. They set a “buy” rating and a $14.00 target price on the stock. Wedbush assumed coverage on Electric Last Mile Solutions in a research report on Tuesday, July 20th. They set an “outperform” rating and a $17.00 target price on the stock. BTIG Research started coverage on Electric Last Mile Solutions in a research report on Monday, July 26th. They set a “buy” rating and a $15.00 target price on the stock. Cowen started coverage on Electric Last Mile Solutions in a research note on Thursday, July 8th. They set an “outperform” rating on the stock. Finally, Jefferies Financial Group started coverage on Electric Last Mile Solutions in a research note on Wednesday, July 28th. They set a “buy” rating and a $18.00 price target on the stock. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $16.00.

Shares of Electric Last Mile Solutions stock traded up $0.37 on Wednesday, hitting $7.09. 378,518 shares of the company’s stock traded hands, compared to its average volume of 777,399. Electric Last Mile Solutions has a one year low of $6.43 and a one year high of $15.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.90 and a quick ratio of 2.89. The firm’s fifty day moving average price is $7.81.

Electric Last Mile Solutions (NASDAQ:ELMS) last announced its earnings results on Thursday, August 12th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). On average, sell-side analysts expect that Electric Last Mile Solutions will post -0.78 EPS for the current fiscal year.

A number of hedge funds have recently bought and sold shares of ELMS. Trustcore Financial Services LLC acquired a new position in Electric Last Mile Solutions during the 2nd quarter worth approximately $149,000. Advisor Group Holdings Inc. purchased a new stake in shares of Electric Last Mile Solutions in the second quarter worth approximately $109,000. HAP Trading LLC purchased a new stake in shares of Electric Last Mile Solutions in the second quarter worth approximately $209,000. Penserra Capital Management LLC purchased a new stake in shares of Electric Last Mile Solutions in the second quarter worth approximately $66,000. Finally, Geode Capital Management LLC purchased a new stake in shares of Electric Last Mile Solutions in the second quarter worth approximately $157,000. 9.52% of the stock is currently owned by institutional investors and hedge funds.

Electric Last Mile Solutions Company Profile

Electric Last Mile, Inc designs and manufactures last mile delivery electric vehicles. The company was incorporated in 2020 and is based in Auburn Hills, Michigan.

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Analyst Recommendations for Electric Last Mile Solutions (NASDAQ:ELMS)

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