Electrameccanica Vehicles (NASDAQ:SOLO) Downgraded by Zacks Investment Research to Hold

Electrameccanica Vehicles (NASDAQ:SOLO – Get Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, 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. “

SOLO traded up $0.01 during midday trading on Tuesday, reaching $1.61. 38,549 shares of the company’s stock were exchanged, compared to its average volume of 1,164,534. The stock has a market capitalization of $190.37 million, a PE ratio of -3.16 and a beta of 2.48. Electrameccanica Vehicles has a 1-year low of $1.26 and a 1-year high of $4.95. The business’s 50-day moving average price is $1.95 and its 200 day moving average price is $2.33.

Electrameccanica Vehicles (NASDAQ:SOLO – Get Rating) last issued its quarterly earnings results on Tuesday, March 22nd. The company reported ($0.15) EPS for the quarter. The firm had revenue of $1.51 million for the quarter, compared to analysts’ expectations of $1.00 million. Electrameccanica Vehicles had a negative return on equity of 24.08% and a negative net margin of 1,995.16%. Equities analysts predict that Electrameccanica Vehicles will post -0.54 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of SOLO. Commonwealth Equity Services LLC grew its holdings in shares of Electrameccanica Vehicles by 39.5% during the third quarter. Commonwealth Equity Services LLC now owns 27,242 shares of the company’s stock worth $96,000 after buying an additional 7,713 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Electrameccanica Vehicles by 13.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 33,066 shares of the company’s stock valued at $118,000 after purchasing an additional 3,933 shares during the period. HighTower Advisors LLC purchased a new stake in Electrameccanica Vehicles in the third quarter valued at approximately $356,000. Dark Forest Capital Management LP purchased a new stake in Electrameccanica Vehicles in the third quarter valued at approximately $35,000. Finally, Marshall Wace LLP purchased a new stake in Electrameccanica Vehicles in the third quarter valued at approximately $83,000. Institutional investors and hedge funds own 22.63% of the company’s stock.

About Electrameccanica Vehicles (Get Rating)

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 Tofino, an all-electric two-seater roadster.

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