Electrameccanica Vehicles Corp. (NASDAQ: SOLO) stock jumped 0.31% on Friday to $0.99 against a previous-day closing price of $0.99. With 0.75 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.01 million shares. During the session, the Auto Manufacturers company that operates in wider Consumer Cyclical sector, reached to the highest price of $1.0200 whereas the lowest price it dropped to was $0.9400. The 52-week range on SOLO shows that it touched its highest point at $2.44 and its lowest point at $0.57 during that stretch. It currently has a 1-year price target of $4.20. Beta for the stock currently stands at 2.43.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SOLO was down-trending over the past week, with a drop of -6.60%, but this was up by 15.99% over a month. Three-month performance dropped to -9.17% while six-month performance fell -34.00%. The stock lost -51.94% in the past year, while it has gained 63.99% so far this year. A look at the trailing 12-month EPS for SOLO yields -0.65 with Next year EPS estimates of -0.49. For the next quarter, that number is -0.15. This implies an EPS growth rate of 65.80% for this year and 15.90% for next year.
Float and Shares Shorts:
At present, 118.85 million SOLO shares are outstanding with a float of 107.52 million shares on hand for trading. On Oct 13, 2022, short shares totaled 13.29 million, which was 11.18% higher than short shares on Sep 14, 2022. In addition to Mr. Kevin Jerome Pavlov as the firm’s Pres, CEO & Director, Mr. Jerry Kroll serves as its Co-Founder & Director.
Through their ownership of 11.00% of SOLO’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 7.62% of SOLO, in contrast to 5.29% held by mutual funds. Shares owned by individuals account for 1.40%. As the largest shareholder in SOLO with 3.49% of the stake, Invesco Capital Management LLC holds 4,150,056 shares worth 4,150,056. A second-largest stockholder of SOLO, Robert W. Baird & Co., Inc., holds 1,268,448 shares, controlling over 1.07% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SOLO, holding 1,011,840 shares or 0.85% stake. With a 0.54% stake in SOLO, the DWS Global Small Cap Fund is the largest stakeholder. A total of 646,685 shares are owned by the mutual fund manager. The SPDR S&P Kensho New Economies Com, which owns about 0.39% of SOLO stock, is the second-largest Mutual Fund holder. It holds 459,807 shares valued at 0.28 million. DWS Variable I – Global Small Cap holds 0.21% of the stake in SOLO, owning 251,460 shares worth 0.15 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SOLO since 1 analysts follow the stock currently. There are 1 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 0 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With SOLO analysts setting a high price target of $4.40 and a low target of $4.40, the average target price over the next 12 months is $4.40. Based on these targets, SOLO could surge 344.44% to reach the target high and rise by 344.44% to reach the target low. Reaching the average price target will result in a growth of 344.44% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. SOLO will report FY 2022 earnings on 03/20/2024. Analysts have provided yearly estimates in a range of -$0.59 being high and -$0.59 being low. For SOLO, this leads to a yearly average estimate of -$0.59. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Electrameccanica Vehicles Corp. surprised analysts by -$0.02 when it reported -$0.18 EPS against a consensus estimate of -$0.16. The surprise factor in the prior quarter was -$0.04. Based on analyst estimates, the high estimate for the next quarter is -$0.13 and the low estimate is -$0.13. The average estimate for the next quarter is thus -$0.13.
Summary of Insider Activity:
Insiders traded SOLO stock several times over the past three months with 1 Buys and 0 Sells. In these transactions, 227,273 shares were bought while 0 shares were sold. The number of buy transactions has increased to 6 while that of sell transactions has risen to 13 over the past year. The total number of shares bought during that period was 501,747 while 332,344 shares were sold.