Electrameccanica Vehicles Corp. (NASDAQ:SOLO) traded at $2.03 at last check on Monday, June 29, making an upward move of 13.11% on its previous day’s price.
Looking at the stock we see that its previous close was $1.83 and the beta (5Y monthly) reads 1.57 with the day’s price range being $1.8000 – 2.1900. In terms of its 52-week price range, SOLO has a high of $3.25 and a low of $0.89. The company’s stock has gained about 61.95% over that past 30 days.
Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $170Million, with a low of $150Million and a high of $200Million. The median projection represents growth adding up to 9% compared to sales earnings for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecasts for 2020 are expected to hit $2.16 Million, or +295.1% up from figures reported last year.
On the other hand, looking at the outlook for the SOLO stock, short term indicators assign the stock an average of 100% Buy, while medium term indicators assign it an average of 50% Sell. Long term indicators on average place the stock in the category of 50% Buy.
Let’s briefly compare Electrameccanica (SOLO) stock to its peers. We find that today’s price change of +13.11% and -27.38% over the past 12 months for SOLO competes that of Toyota Motor Corp Ltd Ord (TM), which has seen its stock price rise 0.33% in the latest trading session and is +2.01% over the last one year. Another of its peers Honda Motor Company (HMC) has climbed 1.01% today, but is -1.97% down over the past year, while Fiat Chrysler Automobiles N.V. (FCAU) is also up 13.11% yet its price remains in the red at -27.38% over the same period. Toyota has a P/E ratio of 9.31 compared to Electrameccanica’s 0 and Honda’s 10.48. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial are today at 1.81% and 1.11%, respectively, in early deals.
Coming back to Electrameccanica Vehicles Corp. (NASDAQ:SOLO), we note that the average 3-month trading volume was 3.88 Million, while that of the preceding 10-day period stands at 4.04 Million. Current shares outstanding are 48.29 Million.
According to data from Thomson Reuters, insiders hold 47.9% of the company’s shares while institutions hold 0.45%. The data shows that short shares as of June 14, 2020, stood at 658.45 Million at a short ratio of 0.07. This represents a 1.05% Short interest in Shares outstanding on June 14, 2020. Shares short dropped in June from the previous month at 786.7 Million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock -14.88% down in year-to-date price movement.