Why This Electric Vehicle Maker's Stock Sank Today
Arcimoto (NASDAQ: FUV), a manufacturer of three-wheeled electric utility vehicles, released its second-quarter 2021 financial and business update last night, and investors are taking recent gains off the table today. Arcimoto shares were down 19% as of 10:30 a.m. EDT Tuesday.
Arcimoto shares were up about 75% since it reported its first-quarter update in May, going into its latest report last night. Since that time, the company has joined the Russell 2000 and Russell 3000 stock market indexes, initiated production on its "ultimate on-road fun machine" Roadster, revealed a new flatbed offering, and said it plans to develop a new three-wheeled motorcycle.
But when it announced its second-quarter results, investors took profits from the gains realized over the past 90 days. That was likely because it produced fewer vehicles, and sold only half as many as in the first quarter of 2021.
Source Fool.com
