Electric Last Mile Solutions (NASDAQ:ELMS) Shares Gap Down to $8.42

Electric Last Mile Solutions, Inc. (NASDAQ:ELMS)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $8.42, but opened at $8.16. Electric Last Mile Solutions shares last traded at $8.16, with a volume of 13 shares.

ELMS has been the topic of several research analyst reports. Zacks Investment Research cut shares of Electric Last Mile Solutions from a “hold” rating to a “sell” rating in a research note on Monday. DA Davidson initiated coverage on shares of Electric Last Mile Solutions in a research note on Tuesday, August 10th. They set a “buy” rating and a $14.00 price objective on the stock. BTIG Research initiated coverage on shares of Electric Last Mile Solutions in a research note on Monday, July 26th. They set a “buy” rating and a $15.00 price objective on the stock. Jefferies Financial Group started coverage on shares of Electric Last Mile Solutions in a research note on Wednesday, July 28th. They set a “buy” rating and a $18.00 price objective on the stock. Finally, Wedbush started coverage on shares of Electric Last Mile Solutions in a research note on Tuesday, July 20th. They set an “outperform” rating and a $17.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to MarketBeat.com, Electric Last Mile Solutions currently has a consensus rating of “Buy” and a consensus price target of $16.00.

The stock’s fifty day moving average is $8.68. The company has a current ratio of 2.90, a quick ratio of 2.89 and a debt-to-equity ratio of 0.15.

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

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Trustcore Financial Services LLC acquired a new stake in Electric Last Mile Solutions in the second quarter worth $149,000. Marshall Wace North America L.P. acquired a new stake in Electric Last Mile Solutions in the second quarter worth $12,256,000. Hartree Partners LP acquired a new stake in Electric Last Mile Solutions in the second quarter worth $2,016,000. Point72 Asset Management L.P. acquired a new stake in Electric Last Mile Solutions in the second quarter worth $1,853,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Electric Last Mile Solutions in the second quarter worth $5,302,000. Institutional investors and hedge funds own 9.52% of the company’s stock.

About Electric Last Mile Solutions (NASDAQ:ELMS)

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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