Arcimoto, Inc. (FUV) Stock Jumps 7.8%: Will It Continue to Soar?

Arcimoto, Inc. (FUV) shares rallied 7.8% in the last trading session to close at $16.84. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 60.2% gain over the past four weeks.

Investors are encouraged by Arcimoto’s impressive products, including its flagship Fun Utility Vehicle (“FUV”), which is driving the stock. A couple of days ago, the EV maker showcased its “FUV” and Deliverator during the Electric Mobility Symposium held in San Diego. Arcimoto's recent inclusion in the Russell 2000 and Russell 3000 indexes has also boosted the stock.

This company is expected to post quarterly loss of $0.16 per share in its upcoming report, which represents a year-over-year change of -6.7%. Revenues are expected to be $2.23 million, up 724.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Arcimoto, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FUV going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.