51 days have passed by since the last earnings report for Electrameccanica Vehicles Corp. (NASDAQ:SOLO) and the new quarterly results look set to arrive in 58 days. The shares of SOLO at the moment are trading at a volume of 0.1 million, which compares with its normal daily standard volume of 350.76 million shares. This has led to the shares of the company declining by -3%, currently exchanging hands at $2.16 a share. SOLO stock has been up by $5.32 (-71.08%) ever since it reached its 52-week high of $7.48 back in October 29, 2018. It has progressed below its 50-day moving average of $2.3626 and is down -12.43% over the past week. The stock has retreated 0% since the last one arrived so the question here is that will the downbeat trend in that time frame continue leading up to its next earnings release, or is the SOLO share price due for a breakout?
Electrameccanica Vehicles Corp. (SOLO) Forecasts And Latest Quarter Earnings
Ahead of their fiscal third-quarter to be released on Monday, Nov 25, 2019, 4 analysts who are covering the company are estimating that it will record a profit of -$0.12 per share, with analysts having different outlooks from -$0.16 to -$0.07. The profit view for a complete financial year for Electrameccanica Vehicles Corp. is expected to be around -$0.57 in current year, a decline of nearly 96.55% from last year which was -$0.29.
Let’s now look at their sales section, SOLO’s revenue is estimated to be $145.3, a figure which is more than the $145.3 recorded for Q3 last year. Their sequential sales though are expected to grow by 385.36% from their Q2’s sales which were $119.5M. Their full-year outlook is pegged at $2.32M, implying that there would be a drop of -99.61% over the $600M they recorded last year in revenue. Electrameccanica Vehicles Corp. is projected to get sales lifted by 1301.72% in the next quarter, with a revenue target of $32.52M.
Analyzing The Earnings History Of Electrameccanica Vehicles Corp. (NASDAQ:SOLO)
In the past few years, the SOLO stock has been known to miss the Wall Street’s earnings projection. The company missed 20% of the time, according to the data pulled on their earnings, was able to meet predictions on 1 occasions and topped expectations 3 times. Looking at the past trend, the price of Electrameccanica Vehicles Corp. shares had risen following the release of their earnings in 3 of the last 4 quarters.
The higher number of analysts has assigned a buy or better ratings (3) on the Electrameccanica Vehicles Corp. stock, while 0 of them have a rating of a Hold with the 11-year target price suggested by the analysts standing at $6.5. This price target implies potential upside of 200.93 percent over the next 12 months based on the current share price.
Electrameccanica Vehicles Corp. (SOLO) Post Earnings Announcement Drift (PEAD)
Back on August 08, 2019, Electrameccanica Vehicles Corp. (NASDAQ:SOLO) released its Q2 results, in which it recorded EPS of $0.09 that exceeded consensus estimates of -$0.08. After the earnings were reported, the price of SOLO stock kicked off the session at $2.43 and remained in a range of $2.55 to $2.56 on the first day. The shares were priced at $2.51 at the close with a total volume of shares being 113007.
On May 07, 2019, the Q1 earnings report was disclosed with loss per share of -$0.47. This was below the estimation of -$0.08 per share. The stock price range of SOLO was between $3.11 and $3.14 on the first-day post announcement, after opening the day at $2.83. The session came to close at $3.07 and there was a total volume of 855568 shares.