As of Friday close, Electrameccanica Vehicles Corp.’s (NASDAQ:SOLO) stock was up $0.01, moving up 1.71 percent to $0.77. The average number of shares traded per day over the past five days has been 2,001,600 shares. 2 times new highs have been achieved over the past 5 days, with a $0.0980 gain in that time frame. In the last twenty days, the average volume was 897,200, while in the previous 50 days, it was 1,139,028.
Since last month, SOLO stock rose 4.04%. Shares of the company fell to $0.6525 on 08/14/23, the lowest level in the past month. A 52-week high of $1.64 was reached on 02/01/23 after having rallying from a 52-week low of $0.44. Since the beginning of this year, SOLO’s stock price has risen by 28.04% or $0.1693, and marked a new high 8 times. However, the stock has declined by -52.87% since its 52-week high.
Valuation Metrics
The stock’s beta is 2.71. Besides these, the trailing price-to-sales (P/S) ratio of 19.95, the price-to-book (PB) ratio of 0.89.
Financial Health
In the three months ended June 29, Electrameccanica Vehicles Corp.’s quick ratio stood at 18.20, while its current ratio was 18.70, showing that the company is able to pay off its debt. Based on annual data, SOLO earned -$26.25 million in gross profit and brought in $6.81 million in revenue.
According to the earnings report, the company had a lower net income in the recent quarter than it did in the previous quarter. SOLO’s revenue rose 100.0% to $0.5 million during the quarter, while net income inched up to -$0.2 million. While analysts expected Electrameccanica Vehicles Corp. to report -$0.12 quarterly earnings, the actual figure was -$0.1 per share, beating the consensus estimate by 16.70%. During the quarter, the company generated -$12.74 million in EBITDA. The liabilities of Electrameccanica Vehicles Corp. were 21.39 million at the end of its most recent quarter ended June 29, and its total debt was $17.29 million. The value of shareholders’ equity is $119.29 million.
Technical Picture
This quick technical analysis looks at Electrameccanica Vehicles Corp.’s (SOLO) price momentum. With a historical volatility rate of 152.98%, the RSI 9-day stood at 53.51% on 18 August.
With respect to its five-day moving average, the current Electrameccanica Vehicles Corp. price is up by +14.52% percent or $0.0980. At present, SOLO shares trade +4.11% above its 20-day simple moving average and +57.43% percent above its 100-day simple moving average. However, the stock is currently trading approximately +44.22% above its SMA50 and -35.04% below its SMA200.
Stochastic coefficient K was 39.69% and Stochastic coefficient D was 44.14%, while ATR was 0.0830. Given the Stochastic reading of 39.20% for the 14-day period, the RSI (14) reading has been calculated as 53.50%. As of today, the MACD Oscillator reading stands at 0.0316, while the 14-day reading stands at 0.0194.
Analyst Ratings
Stifel launched its rating on Electrameccanica Vehicles Corp. (NASDAQ: SOLO) to a Buy in a note to investors on December 17, 2020. Electrameccanica Vehicles Corp. (SOLO) has been rated Buy by analysts. According to 0 brokerage firms, SOLO is a sell, and 0 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Electrameccanica Vehicles Corp. stock as buy, with 1 recommending it as overweight.
With a median target price of $1.50, the current consensus forecast for the stock is $1.50 – $1.50. Based on these forecasts, analysts predict Electrameccanica Vehicles Corp. (SOLO) will achieve an average price target of $1.50.
