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Wednesday, November 25, 2020

Electrameccanica Vehicles Corp. (NASDAQ:SOLO) on the Path to Ruin

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Electrameccanica Vehicles Corp. (SOLO) shares are trading at lower $2.50 and the avg recommendation for the stock is Moderate Buy.

To add more color to this target, the company’s high over the last year is $6.00 and the low is $0.89. Over the last 52 weeks, SOLO is up 29.53% while the S&P 500 is up 7.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, SOLO reported a profit of $16000.0. Electrameccanica Vehicles Corp. also saw revenues decrease to $12000.0. In addition, SOLO has free cash flow of -$6.72 million as of 06-2020. The company’s EBITDA came in at -$4.27 million which compares well with its peers.

SOLO Return on Equity (ROE) is -94.10%, and its Return on Assets is -69.50%. All told, it is clear that, SOLO needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SOLO has a short ratio of 0.61 and outstanding shares of 46.04M.

Company Outlook

SOLO has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 3.58 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -0.53. Electrameccanica Vehicles Corp. SOLO also noted assets of $50.92 million at the end of the last quarter. Investors should also keep an eye on sector updates as SOLO has historically followed its peers on positive news.

All told, Electrameccanica Vehicles Corp. SOLO has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SOLO represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Electrameccanica Vehicles Corp. SOLO is now commanding a market cap of 159.10M and a float of 46.00M. SOLO is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SOLO stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SOLO, either long or short, and we have not been compensated for this article.

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