Electrameccanica Vehicles (NASDAQ:SOLO) Stock Price Down 8.1%

Electrameccanica Vehicles Corp. (NASDAQ:SOLO)’s share price was down 8.1% during trading on Wednesday . The company traded as low as $7.87 and last traded at $8.15. Approximately 25,975,998 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 23,104,412 shares. The stock had previously closed at $8.87.

Several equities research analysts recently issued reports on the company. Stifel Nicolaus assumed coverage on Electrameccanica Vehicles in a research note on Wednesday, December 16th. They set a “buy” rating and a $9.00 price objective for the company. Colliers Securities started coverage on Electrameccanica Vehicles in a report on Wednesday, December 16th. They issued a “buy” rating on the stock. Roth Capital lifted their price objective on Electrameccanica Vehicles from $7.50 to $12.25 and gave the company a “buy” rating in a research report on Monday, November 23rd. ValuEngine cut Electrameccanica Vehicles from a “buy” rating to a “hold” rating in a research report on Tuesday, December 1st. Finally, BidaskClub cut Electrameccanica Vehicles from a “hold” rating to a “sell” rating in a research report on Thursday, December 31st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Electrameccanica Vehicles has a consensus rating of “Hold” and a consensus target price of $6.63.

The company has a market capitalization of $665.99 million, a PE ratio of -15.67 and a beta of 1.81. The stock’s 50-day moving average is $7.05 and its two-hundred day moving average is $4.31. The company has a current ratio of 26.20, a quick ratio of 25.62 and a debt-to-equity ratio of 0.01.

Electrameccanica Vehicles (NASDAQ:SOLO) last issued its earnings results on Tuesday, November 10th. The company reported ($0.09) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.09). The business had revenue of $0.25 million for the quarter, compared to analyst estimates of $0.07 million. Electrameccanica Vehicles had a negative net margin of 4,274.44% and a negative return on equity of 94.40%. On average, equities research analysts forecast that Electrameccanica Vehicles Corp. will post -0.41 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOLO. Raymond James & Associates boosted its stake in shares of Electrameccanica Vehicles by 221.8% during the third quarter. Raymond James & Associates now owns 32,500 shares of the company’s stock valued at $81,000 after purchasing an additional 22,400 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Electrameccanica Vehicles during the second quarter valued at approximately $97,000. Advisor Group Holdings Inc. boosted its stake in shares of Electrameccanica Vehicles by 71.4% during the second quarter. Advisor Group Holdings Inc. now owns 45,600 shares of the company’s stock valued at $102,000 after purchasing an additional 19,000 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Electrameccanica Vehicles during the third quarter valued at approximately $152,000. Finally, Perkins Capital Management Inc. bought a new position in shares of Electrameccanica Vehicles during the third quarter valued at approximately $890,000. Hedge funds and other institutional investors own 2.01% of the company’s stock.

Electrameccanica Vehicles Company Profile (NASDAQ:SOLO)

Electrameccanica Vehicles Corp., a development-stage company, develops, manufactures, and sells electric vehicles in Canada. The company operates in two segments, Electric Vehicles and Custom Build Vehicles. Its flagship product is the SOLO, a single seat vehicle. The company is also developing Super SOLO, a sports car model; and Tofino, an all-electric two-seater roadster.

Further Reading: Is it better to buy a fund with a higher or lower NAV?

Receive News & Ratings for Electrameccanica Vehicles Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Electrameccanica Vehicles and related companies with MarketBeat.com's FREE daily email newsletter.