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

Zacks Investment Research downgraded shares of Electric Last Mile Solutions (NASDAQ:ELMS) from a hold rating to a sell rating in a research report report published 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. “

ELMS has been the topic of a number of other reports. Colliers Securities restated a buy rating on shares of Electric Last Mile Solutions in a research report on Thursday, July 1st. Cowen began coverage on shares of Electric Last Mile Solutions in a research report on Thursday, July 8th. They set an outperform rating on the stock. DA Davidson began coverage on shares of Electric Last Mile Solutions in a research report on Tuesday, August 10th. They set a buy rating and a $14.00 price target on the stock. Wedbush began coverage on shares of Electric Last Mile Solutions in a research report on Tuesday, July 20th. They set an outperform rating and a $17.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Electric Last Mile Solutions in a research report 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $16.00.

Electric Last Mile Solutions stock opened at $7.09 on Wednesday. The company has a quick ratio of 2.89, a current ratio of 2.90 and a debt-to-equity ratio of 0.15. The firm’s 50-day moving average price is $7.81. Electric Last Mile Solutions has a 52-week low of $6.43 and a 52-week high of $15.30.

Electric Last Mile Solutions (NASDAQ:ELMS) last posted its earnings results on Thursday, August 12th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Equities analysts forecast that Electric Last Mile Solutions will post -0.78 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ELMS. Trustcore Financial Services LLC bought a new stake in shares of Electric Last Mile Solutions in the 2nd quarter worth approximately $149,000. Advisor Group Holdings Inc. bought a new stake in shares of Electric Last Mile Solutions in the 2nd quarter worth approximately $109,000. HAP Trading LLC bought a new stake in shares of Electric Last Mile Solutions in the 2nd quarter worth approximately $209,000. Penserra Capital Management LLC bought a new stake in shares of Electric Last Mile Solutions in the 2nd quarter worth approximately $66,000. Finally, Geode Capital Management LLC bought a new stake in shares of Electric Last Mile Solutions in the 2nd quarter worth approximately $157,000. Institutional investors and hedge funds own 9.52% of the company’s stock.

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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