Electric Last Mile Solutions drops after production target cut

Electric Last Mile Solutions

11/11/2021 16:31

** Electric vehicle maker's  ELMS.O  shares drop 10% to a
13-session low of $7.55
    ** Co posts Q3 loss of 15 cents per share vs analyst
estimates of a loss of 26 cents per share - Refinitiv data
    ** ELMS on Wednesday cut production target for 2021 to
between 300 and 500 vehicles from 1,000 citing supply chain
constraints  urn:newsml:reuters.com:*:nL1N2S12SD
    ** Suppliers have been hit by constraints, lower
availability of shipping containers, port congestion - CEO James
Taylor 
    ** Four of 7 brokerages rate the stock "strong buy", 3
"buy"; their median PT is $14 
    ** Up to Wednesday's close, stock had fallen 38% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))