The stock of Electrameccanica Vehicles Corp. (NASDAQ:SOLO) is now priced at $3.29 and the shares are -0.12 points down or -3.52% lower compared to its previous closing price of $3.41. The stock had 3.891 million contracts set over the past session. SOLO shares’ daily volume is compared to its average trading volume at 14 million shares. However, it has a float of 30.44 million and although its performance was -2.08% over the week, it’s one to watch. The stock’s downside potential is -100% with the SOLO share price recently placing at $3.21 to $3.44. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are climbing into the Electrameccanica Vehicles Corp. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the SOLO shares have risen. Short interest in the stock represents just 3% of its float, but the volume has raised by 1776722. The volume of shorted shares rised to 2.689 million from 912288 shares over the last two weeks. The average intraday trading volume has been 48.872 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) dropped by -$0.07 over the week and gained $1.38 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6. The stock recorded its established 52-week high on 07/06/20.
Since 03/16/20, the stock has traded to a low of $0.89 at 269.62%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Electrameccanica Vehicles Corp.’s two-week RSI is 53.17. This suggests that the stock is neutral at the moment and that SOLO shares’ price movement remains stable. The stochastic readings are equally revealing at 14.93% meaning the SOLO share price is currently in overbought territory.
The technical chart shows that the SOLO stock will likely settle at between $3.42 and $3.54 per share. However, if the stock dips below $3.19, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.08.
Currently, the stock is trading in the red of MACD, with a reading of -0.07. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned SOLO a rating of Buy in their intiating review released on July 09. The Benchmark Company analysts see the stock as a Speculative Buy with a target price of $6 in a flash note released to investors on March 20 initiating covering the stock.
The average rating for the SOLO equity is 2 and is currently gathering a bullish momentum. Of 3 analysts tracking Electrameccanica Vehicles Corp. polled by Reuters, 0 rated SOLO as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SOLO stocks P/S ratio currently stands below the group’s average of 21.8. Electrameccanica Vehicles Corp. has its P/E ratio at 14.7, which means that the stock is currently trading at a premium relative to the 1.7 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Electrameccanica Vehicles Corp. (NASDAQ:SOLO) will decrease by about -7.83%, which will see them reach $80 million. The company’s full-year revenues are, however, expected to increase by about 59.12%, up from $546.75 million to $870 million. SOLO’s expected adjusted earnings should drop almost -244.44% to end up at -$0.13 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -11.67% to record -$0.53/share.