Zacks downgrades SOLO to sell

solo

(Ticker Report) – Electrameccanica Vehicles (NASDAQ:SOLO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Electrameccanica Vehicles Corp. is engaged in the planning, development and manufacturing of single person electric vehicles. Electrameccanica Vehicles Corp. is headquartered in Vancouver, Canada. “

A number of other research firms also recently commented on SOLO. ValuEngine raised shares of Electrameccanica Vehicles from a “hold” rating to a “buy” rating in a report on Tuesday, July 28th. Aegis reaffirmed a “buy” rating and issued a $4.00 price objective on shares of Electrameccanica Vehicles in a report on Monday, July 6th.

Shares of NASDAQ:SOLO opened at $2.78 on Friday. The company has a current ratio of 26.20, a quick ratio of 25.62 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $2.62 and a 200 day simple moving average of $2.30. The firm has a market cap of $204.11 million, a PE ratio of -5.35 and a beta of 1.81. Electrameccanica Vehicles has a 12-month low of $0.89 and a 12-month high of $6.00.

Electrameccanica Vehicles (NASDAQ:SOLO) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.08). The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $0.14 million. Electrameccanica Vehicles had a negative return on equity of 94.40% and a negative net margin of 4,274.44%. As a group, equities research analysts forecast that Electrameccanica Vehicles will post -0.41 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Perkins Capital Management Inc. acquired a new position in shares of Electrameccanica Vehicles during the third quarter valued at $890,000. Schonfeld Strategic Advisors LLC acquired a new position in shares of Electrameccanica Vehicles during the second quarter valued at $97,000. Two Sigma Securities LLC acquired a new stake in Electrameccanica Vehicles in the second quarter worth about $123,000. Advisor Group Holdings Inc. lifted its holdings in Electrameccanica Vehicles by 71.4% in the second quarter. Advisor Group Holdings Inc. now owns 45,600 shares of the company’s stock worth $102,000 after purchasing an additional 19,000 shares during the period. Finally, ETRADE Capital Management LLC acquired a new stake in Electrameccanica Vehicles in the second quarter worth about $36,000. 2.01% of the stock is owned by institutional investors.

Electrameccanica Vehicles Company Profile

Electrameccanica Vehicles Corp., a development-stage company, develops, manufactures, and sells electric vehicles in Canada. The company operates in two segments, Electric Vehicles and Custom Build Vehicles. Its flagship product is the SOLO, a single seat vehicle. The company is also developing Super SOLO, a sports car model; and Tofino, an all-electric two-seater roadster.

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