Is Wall Street High Or Low On Electrameccanica Vehicles Corp. (SOLO)?


Electrameccanica Vehicles Corp. (NASDAQ:SOLO) finished Thursday with a subtraction of -$0.09 to close at $1.24, a downside of -6.77 percent. An average of 604,154 shares of common stock have been traded in the last five days. There was a fall of -$0.1350 in the past week, and it reached a new high 5 times over the past 12 months. The last 20 days have seen an average of 705,399 shares traded, while the 50-day average volume stands at 888,039.

SOLO stock has decreased by -14.19% in the last month. The company shares reached their 1-month lowest point of $1.2200 on 09/23/22. With the stock rallying to its 52-week high on 01/04/22, shares of the company touched a low of $1.22 and a high of $4.10 in 52 weeks. It has reached a new high 2 times so far this year and lost -41.67% or -$1.0550 in price. In spite of this, the price is down -69.76% from the 52-week high.

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Valuation Metrics

Electrameccanica Vehicles Corp. (SOLO) stock’s beta is 2.28. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 53.10, the price-to-book (PB) ratio at 0.70.

Financial Health

The quick ratio of Electrameccanica Vehicles Corp. for the three months ended June 29 was 34.00, and the current ratio was 35.00, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.01 and a total debt to equity ratio of 0.01 for the quarter ending June 29. Its gross profit as reported stood at -$2.23 million compared to revenue of $2.1 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Electrameccanica Vehicles Corp.’s return on assets was -23.10%.

Earnings Surprise

In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$41.33 million in the quarter, while revenues were grew 43.02%. The analyst consensus anticipated Electrameccanica Vehicles Corp.’s latest quarter earnings to come in at -$0.1 per share, but it turned out to be -$0.13, a -30.00% surprise. For the quarter, EBITDA amounted to -$18.88 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Electrameccanica Vehicles Corp. (SOLO) price momentum. RSI 9-day as of the close on 22 September was 25.20%, suggesting the stock is oversold, with historical volatility in this time frame at 54.77%.

As of today, SOLO’s price is $1.3030 -9.93% or -$0.1350 from its 5-day moving average. SOLO is currently trading -21.97% lower than its 20-day SMA and -33.42% lower than its 100-day SMA. However, the stock’s current price level is -13.12% below the SMA50 and -55.78% below the SMA200.

The stochastic %K and %D were 16.70% and 17.71%, respectively, and the average true range (ATR) was 0.0772. With the 14-day stochastic at 2.38% and the average true range at 0.0799, the RSI (14) stands at 31.89%. The stock has reached -0.0300 on the 9-day MACD Oscillator while the 14-day reading was at -0.0461.

Analyst Ratings

Stifel launched coverage on Electrameccanica Vehicles Corp. (NASDAQ: SOLO) in its analyst report released on December 17, 2020. The firm assigned the stock a Buy rating. The consensus rating for Electrameccanica Vehicles Corp. (SOLO) among analysts is Buy. According to current brokerage recommendations, 0 brokerage firms advise that investors sell SOLO, while 0 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 2 others rate it as a “buy”.

What is SOLO’s price target for the next 12 months?

Analysts predict a range of price targets between $4.00 and $4.40, with a median target of $4.20. Taking a look at these predictions, the average price target given by analysts for Electrameccanica Vehicles Corp. (SOLO) stock is $4.20.


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