Electrameccanica Vehicles Corp. (NASDAQ: SOLO) stock jumped 3.46% on Tuesday to $0.56 against a previous-day closing price of $0.54. With 0.77 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.72 million shares. During the session, the Auto Manufacturers company that operates in wider Consumer Cyclical sector, reached to the highest price of $0.5587 whereas the lowest price it dropped to was $0.5200. The 52-week range on SOLO shows that it touched its highest point at $1.87 and its lowest point at $0.44 during that stretch. Beta for the stock currently stands at 2.65.
Top 5 EV Tech Stocks to Buy for 2023
According a new report published by BloombergNEF on investment in the energy transition, annual spending on passenger EVs hit $388 billion in 2022, up 53% from the year before. Like we said, the boom is accelerating – and the time to buy EV-related tech stocks is now.
Click Here to Download the FREE Report.
Sponsored
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 up-trending over the past week, with a rise of 13.72%, but this was up by 7.44% over a month. Three-month performance dropped to -35.78% while six-month performance fell -53.83%. The stock lost -64.86% in the past year, while it has lost -7.45% so far this year. A look at the trailing 12-month EPS for SOLO yields -0.99 with Next year EPS estimates of -0.69. For the next quarter, that number is -0.18. This implies an EPS growth rate of -200.10% for this year and -4.10% for next year.
Float and Shares Shorts:
At present, 119.29 million SOLO shares are outstanding with a float of 107.52 million shares on hand for trading. On Apr 27, 2023, short shares totaled 9.25 million, which was 7.76% higher than short shares on Mar 30, 2023. In addition to Ms. Susan E. Docherty as the firm’s CEO, Interim COO & Director, Mr. Jerry Kroll serves as its Co-Founder & Director.
Institutional Ownership:
Through their ownership of 5.08% of SOLO’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 5.37% of SOLO, in contrast to 3.48% held by mutual funds. Shares owned by individuals account for 0.71%. As the largest shareholder in SOLO with 0.75% of the stake, DWS Investment Management America holds 898,145 shares worth 898,145. A second-largest stockholder of SOLO, Millennium Management LLC, holds 536,737 shares, controlling over 0.45% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SOLO, holding 524,509 shares or 0.44% stake. With a 0.40% stake in SOLO, the SPDR S&P Kensho New Economies Com is the largest stakeholder. A total of 472,919 shares are owned by the mutual fund manager. The Fidelity Nasdaq Composite Index F, which owns about 0.13% of SOLO stock, is the second-largest Mutual Fund holder. It holds 157,533 shares valued at 80342.0. DWS Global Small Cap Fund holds 0.07% of the stake in SOLO, owning 84,410 shares worth 43049.0.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, SOLO reported revenue of $1.55M and operating income of -$20.27M. The EBITDA in the recently reported quarter was -$18.66M and diluted EPS was -$0.17.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SOLO since 0 analysts follow the stock currently. 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 $1.50 and a low target of $0.60, the average target price over the next 12 months is $0.90. Based on these targets, SOLO could surge 167.86% to reach the target high and rise by 7.14% to reach the target low. Reaching the average price target will result in a growth of 60.71% 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.
Summary of Insider Activity:
Insiders traded SOLO stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 4 while that of sell transactions has risen to 3 over the past year. The total number of shares bought during that period was 424,383 while 59,134 shares were sold.
