With the current price of $3.07, the stock of Electrameccanica Vehicles Corp. (NASDAQ:SOLO) concluded the trading session seeing its price rise by 0.06 points or at a gain of 1.99% compared to its previous day’s closing price of $3.01. About 24.463 million shares of the stock changed hands on the day. The trading volume of SOLO’s shares during the past session compares with the stock’s average daily trading volume of 14.672 million shares. On the other hand, a float of 45.69 million shares and a weekly performance of 12.87% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $0 for SOLO’s share which suggests that the stock, price of which is currently buoying between $3.01 and $3.3, is prone to a loss of -100%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $4 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Electrameccanica Vehicles Corp.’s stock is trending downward as short interest in SOLO shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the SOLO is currently comprised of 6.31% of the float as the volume of shorted shares declined by -809983 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 2.075 million shares from the previous figure of 2.885 million shares. Stock’s average intraday volume is now standing at 3.424 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Electrameccanica Vehicles Corp. (NASDAQ:SOLO) is up $0.35 over the week and it is -$0.38 below20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $6 that was attained on 07/06/20.
The stock has traded as low as $0.89 in past 52-week, and its current price is 244.91% above from that 52-week low price mark recorded on 03/16/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 53.87 as 14-days RSI of Electrameccanica Vehicles Corp. This means that the SOLO is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 59.72%, implying stock’s share price is buoying in a neutral state.
Technical chart is showing 1st resistance point of $3.24 for the SOLO’s share while placing it at a 2nd resistance point of $3.42 to be settled at. But if the stock takes a plunge lower than the 1st support price of $2.95 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $2.84.
MACD oscillator is showing a reading of 0.15 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
ROTH Capital started covering the SOLO stock on July 09, recommending Buy rating for it. The stock gets a Speculative Buy recommendation from analysts at The Benchmark Company who started covering the stock with a target price of $6 in their March 20 note to investors.
The average rating of 2 for SOLO is placing the stock in bullish category at the moment. In a poll by Reuters including 3 analysts in it who kept tracking the Electrameccanica Vehicles Corp., 0 rated the stock as hold. Others were in different opinions for the SOLO. Out of remaining 3 analysts, 3 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that SOLO stock is lagging behind the rear of industry’s average P/S ratio of 59.6. A comparison of Electrameccanica Vehicles Corp.’s trailing 12-months P/E ratio of 4.5 implies that it is trading above the industry’s average P/E ratio, which currently is 2.2.
Projection by Zacks Consensus Estimates suggests that Electrameccanica Vehicles Corp. (NASDAQ:SOLO) will see its current-quarter revenues rise by nearly 650% to be increased to about $90 million. Full-year revenue of the company is however forecasted to be increased by nearly 35.35% to bring $740 million in revenues against last year revenue of $547 million. Earnings, after adjustments, are likely to fell by -21.43% to post an EPS of -$0.11, while estimate for company’s full year earnings is -$0.56 per share with a growth rate of -6.67%.