Brokerages expect Electrameccanica Vehicles Corp. (NASDAQ:SOLO) to post sales of $550,000.00 for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Electrameccanica Vehicles’ earnings. The lowest sales estimate is $500,000.00 and the highest is $600,000.00. Electrameccanica Vehicles reported sales of $250,000.00 during the same quarter last year, which would suggest a positive year-over-year growth rate of 120%. The firm is scheduled to announce its next earnings results on Tuesday, November 9th.
According to Zacks, analysts expect that Electrameccanica Vehicles will report full-year sales of $4.25 million for the current year, with estimates ranging from $4.00 million to $4.50 million. For the next year, analysts expect that the company will post sales of $31.90 million, with estimates ranging from $15.00 million to $48.80 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Electrameccanica Vehicles.
SOLO has been the topic of several recent analyst reports. Colliers Securities reissued a “buy” rating on shares of Electrameccanica Vehicles in a research note on Thursday, July 1st. Zacks Investment Research downgraded shares of Electrameccanica Vehicles from a “hold” rating to a “sell” rating in a research report on Tuesday, August 17th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $8.06.
A number of hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC lifted its stake in Electrameccanica Vehicles by 12.2% in the 1st quarter. Commonwealth Equity Services LLC now owns 33,135 shares of the company’s stock worth $155,000 after purchasing an additional 3,590 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Electrameccanica Vehicles by 15.6% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 29,133 shares of the company’s stock valued at $124,000 after buying an additional 3,929 shares in the last quarter. BlackRock Inc. raised its position in shares of Electrameccanica Vehicles by 141.7% during the 1st quarter. BlackRock Inc. now owns 9,221 shares of the company’s stock valued at $43,000 after buying an additional 5,406 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Electrameccanica Vehicles by 17.0% during the 1st quarter. Geode Capital Management LLC now owns 47,996 shares of the company’s stock valued at $225,000 after buying an additional 6,962 shares in the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Electrameccanica Vehicles during the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 13.53% of the company’s stock.
Electrameccanica Vehicles Company Profile
Electrameccanica Vehicles Corp. engages in development and manufacture of electric vehicles. It operates through Electric Vehicles and Custom Build Vehicles segments. The Electric Vehicles segment develops and manufactures electric vehicles for mass markets. The Custom Build Vehicles segment offers high-end custom built vehicles.
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