Zacks Investment Research Lowers Electrameccanica Vehicles (NASDAQ:SOLO) to Sell

Zacks Investment Research downgraded shares of Electrameccanica Vehicles (NASDAQ:SOLO) from a hold rating to a sell rating in a research note issued to investors on Wednesday, reports.

According to Zacks, “Electrameccanica Vehicles Corp. is engaged in the planning, development and manufacturing of single person electric vehicles. Electrameccanica Vehicles Corp. is headquartered in Vancouver, Canada. “

Several other research firms also recently issued reports on SOLO. Roth Capital assumed coverage on shares of Electrameccanica Vehicles in a report on Tuesday, July 9th. They set a buy rating on the stock. ValuEngine upgraded shares of Electrameccanica Vehicles from a hold rating to a buy rating in a report on Friday, August 30th. Finally, Aegis assumed coverage on shares of Electrameccanica Vehicles in a report on Wednesday, September 18th. They set a buy rating and a $5.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $5.19.

Shares of SOLO traded up $0.01 during mid-day trading on Wednesday, hitting $1.79. 174,162 shares of the company traded hands, compared to its average volume of 1,227,423. Electrameccanica Vehicles has a 1-year low of $0.90 and a 1-year high of $7.48. The company has a quick ratio of 16.24, a current ratio of 16.81 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $65.88 million, a PE ratio of -4.59 and a beta of 1.62. The business has a 50 day moving average of $2.30 and a 200 day moving average of $2.79.

Electrameccanica Vehicles (NASDAQ:SOLO) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.07). Electrameccanica Vehicles had a negative net margin of 3,769.20% and a negative return on equity of 71.71%. The firm had revenue of $0.12 million for the quarter, compared to the consensus estimate of $1.41 million. As a group, research analysts expect that Electrameccanica Vehicles will post -0.59 EPS for the current fiscal year.

An institutional investor recently bought a new position in Electrameccanica Vehicles stock. Advisory Services Network LLC acquired a new stake in shares of Electrameccanica Vehicles Corp (NASDAQ:SOLO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 29,100 shares of the company’s stock, valued at approximately $104,000. Advisory Services Network LLC owned approximately 0.08% of Electrameccanica Vehicles as of its most recent SEC filing. Institutional investors and hedge funds own 1.71% of the company’s stock.

Electrameccanica Vehicles Company Profile

Electrameccanica Vehicles Corp., a development-stage company, plans, develops, manufactures, and sells single person electric vehicles under the SOLO name for mass markets. It operates in two segments, Electric Vehicles and Custom Build Vehicles. The company also develops and manufactures high end custom built vehicles.

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