Electrameccanica Vehicles Corp. (NASDAQ:SOLO) Expected to Post Quarterly Sales of $550,000.00

Equities analysts predict that Electrameccanica Vehicles Corp. (NASDAQ:SOLO) will post $550,000.00 in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided 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 indicates a positive year-over-year growth rate of 120%. The business is scheduled to issue its next earnings results on Tuesday, November 9th.

On average, analysts expect that Electrameccanica Vehicles will report full year sales of $4.25 million for the current financial year, with estimates ranging from $4.00 million to $4.50 million. For the next fiscal year, analysts anticipate that the firm will report sales of $31.90 million, with estimates ranging from $15.00 million to $48.80 million. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Electrameccanica Vehicles.

SOLO has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Electrameccanica Vehicles from a “hold” rating to a “sell” rating in a research note on Tuesday, August 17th. Colliers Securities reiterated a “buy” rating on shares of Electrameccanica Vehicles in a research note on Thursday, July 1st. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Electrameccanica Vehicles currently has a consensus rating of “Buy” and a consensus price target of $8.06.

Shares of NASDAQ:SOLO traded up $0.17 during midday trading on Tuesday, reaching $3.56. The company’s stock had a trading volume of 4,018,014 shares, compared to its average volume of 1,926,544. The firm has a market capitalization of $402.24 million, a price-to-earnings ratio of -3.96 and a beta of 2.74. The firm has a 50 day moving average price of $3.49 and a two-hundred day moving average price of $4.04. Electrameccanica Vehicles has a fifty-two week low of $2.34 and a fifty-two week high of $13.60.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Electrameccanica Vehicles during the 2nd quarter valued at about $37,000. 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. OLD Second National Bank of Aurora purchased a new stake in shares of Electrameccanica Vehicles during the 2nd quarter valued at about $43,000. JPMorgan Chase & Co. grew its holdings in Electrameccanica Vehicles by 114.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 10,000 shares of the company’s stock valued at $43,000 after purchasing an additional 80,100 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in Electrameccanica Vehicles during the 1st quarter valued at about $48,000. Hedge funds and other institutional investors 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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