Electrameccanica Vehicles Corp (NASDAQ:SOLO) Short Interest Up 78.6% in July

Electrameccanica Vehicles Corp (NASDAQ:SOLO) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 1,272,900 shares, a growth of 78.6% from the June 15th total of 712,800 shares. Currently, 8.9% of the company’s stock are sold short. Based on an average daily volume of 386,600 shares, the short-interest ratio is presently 3.3 days.

A hedge fund recently bought a new stake in Electrameccanica Vehicles stock. Advisory Services Network LLC acquired a new position in shares of Electrameccanica Vehicles Corp (NASDAQ:SOLO) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 29,100 shares of the company’s stock, valued at approximately $104,000. Advisory Services Network LLC owned 0.08% of Electrameccanica Vehicles as of its most recent SEC filing. 2.98% of the stock is owned by institutional investors and hedge funds.

SOLO has been the topic of several research analyst reports. ThinkEquity initiated coverage on shares of Electrameccanica Vehicles in a research report on Thursday, March 28th. They set a “buy” rating and a $6.00 price target on the stock. Zacks Investment Research cut shares of Horiba from a “hold” rating to a “sell” rating in a research report on Wednesday, May 22nd. Finally, Roth Capital initiated coverage on shares of Electrameccanica Vehicles in a research report on Tuesday, July 9th. They set a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Electrameccanica Vehicles has an average rating of “Hold” and a consensus target price of $5.25.

Shares of SOLO stock remained flat at $$2.82 during trading hours on Friday. 136,242 shares of the stock traded hands, compared to its average volume of 1,588,206. The company has a debt-to-equity ratio of 0.06, a quick ratio of 16.61 and a current ratio of 17.01. Electrameccanica Vehicles has a twelve month low of $0.90 and a twelve month high of $7.48. The stock has a 50 day simple moving average of $2.65. The firm has a market cap of $103.80 million, a P/E ratio of -7.24 and a beta of 1.58.

Electrameccanica Vehicles (NASDAQ:SOLO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.08). Electrameccanica Vehicles had a negative return on equity of 98.03% and a negative net margin of 3,920.55%. The company had revenue of $0.08 million for the quarter, compared to the consensus estimate of $0.56 million. As a group, equities analysts predict that Electrameccanica Vehicles will post -0.28 earnings per share for the current fiscal year.

About Electrameccanica Vehicles

Electrameccanica Vehicles Corp., a development-stage company, plans, develops, manufactures, and sells single person electric vehicles under the SOLO name for mass markets. It operates in two segments, Electric Vehicles and Custom Build Vehicles. The company also develops and manufactures high end custom built vehicles.

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