Electric Last Mile Solutions (NASDAQ:ELMS) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Electric Last Mile Solutions (NASDAQ:ELMS – Get Rating) from a hold rating to a sell rating in a research report released on Wednesday morning, 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 research firms have also commented on ELMS. Jefferies Financial Group lowered shares of Electric Last Mile Solutions from a buy rating to a hold rating and lowered their price objective for the company from $18.00 to $2.50 in a research note on Thursday, February 3rd. Wedbush downgraded shares of Electric Last Mile Solutions from an outperform rating to a neutral rating and set a $4.00 price target for the company. in a research note on Wednesday, February 2nd. Benchmark downgraded shares of Electric Last Mile Solutions from a buy rating to a hold rating in a research note on Thursday, February 3rd. Cowen downgraded shares of Electric Last Mile Solutions from an outperform rating to a market perform rating and set a $6.00 price target for the company. in a research note on Wednesday, February 2nd. Finally, Colliers Securities downgraded shares of Electric Last Mile Solutions from a buy rating to a neutral rating in a research note on Thursday, February 3rd. One equities research analyst has rated the stock with a sell rating and seven have issued a hold rating to the stock. According to data from MarketBeat, Electric Last Mile Solutions currently has a consensus rating of Hold and a consensus target price of $6.92.

NASDAQ ELMS opened at $0.93 on Wednesday. The firm has a 50 day simple moving average of $1.49 and a 200-day simple moving average of $4.84. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.58 and a quick ratio of 2.48. Electric Last Mile Solutions has a one year low of $0.90 and a one year high of $12.00.

Hedge funds have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC acquired a new stake in Electric Last Mile Solutions during the third quarter worth approximately $37,000. Wells Fargo & Company MN increased its holdings in shares of Electric Last Mile Solutions by 1,633.5% in the 4th quarter. Wells Fargo & Company MN now owns 5,530 shares of the company’s stock valued at $38,000 after acquiring an additional 5,211 shares during the period. Deutsche Bank AG acquired a new position in shares of Electric Last Mile Solutions in the 4th quarter valued at $43,000. Citigroup Inc. increased its holdings in shares of Electric Last Mile Solutions by 2,317.6% in the 3rd quarter. Citigroup Inc. now owns 6,310 shares of the company’s stock valued at $47,000 after acquiring an additional 6,049 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Electric Last Mile Solutions in the 4th quarter valued at $56,000. 9.61% of the stock is currently owned by institutional investors.

Electric Last Mile Solutions Company Profile (Get Rating)

Electric Last Mile Solutions, Inc, a commercial electric vehicle solutions company, focuses on designing, engineering, manufacturing, and customizing electric ‘last mile' delivery and utility vehicles. It offers Class 1 commercial electric vehicle in the U.S. market and focuses on producing Class 3 Urban Utility electric vehicle.

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