After Reporting 90% Less Revenue SOLO Stock Lost 14% of its Price

SOLO stock chart shows a declining pattern over the past three months, losing 14.69%. However in a week a decline of 1.29%; and 7.87% over a month.

SOLO Stock Price Analysis

In the 52 weeks time frame, Electrameccanica Vehicles Corp. Ltd stock peaked at $1.4450 and its lowest traded price was $0.4400. At the time of publication, SOLO stock was trading at $0.6910. The press time trading price is smaller than 20,50,100 and 200 day EMAs.

SOLO stock has an annual price target of $0.7500 which is around 8.54% greater than its current trading price. The MACD line is moving parallel to the signal line and the histogram is reflecting the strong presence of sellers.

Electrameccanica Vehicles Corp. Ltd has a market capitalization of $82.49 Million. According to companiesmarketcap(dot) com, a surge of 14.93% was seen in the market cap in 2023 compared to that in 2022.

Market analysts believe that SOLO stock price is expected to open above its previous closing of September 19, 2023. Speculative activities are quite common in SOLO stock and are often observed.

It is important to note that despite a decline in weekly, monthly and quarterly time frames, SOLO shares surged over 30.38% in the past six months and 12.47% YTD. According to TradingView, 108.561 Million SOLO shares are free floating and remaining 9.06% shares are closely held.

Electrameccanica Vehicles Corp. Ltd Financial Updates

Electrameccanica Vehicles Corp. Ltd was expected to report $1.20 Million in revenue, however the reported figure was a disappointing 91.33% lower than the estimate.

The reported EPS of the company was 4.38% greater than the estimated EPS of negative $0.10. Electrameccanica Vehicles Corp. Ltd. released its Q2 2023 revenue on August 4 and a decline of more than 5% was also observed on the same day.

From the reported revenue of 2022, net income of the company was negative $123.70 Million and profit margin was negative 1815.77%.

Electrameccanica Vehicles Corp. engages in the development and manufacture of electric vehicles. It operates through the Electric Vehicles and Custom Build Vehicles segments.

Technical Levels

Support Levels: $0.6700 & $0.6401

Resistance Levels: $0.7300 & $0.7500

Conclusion:

SOLO stock price has been declining steadily over the past three months, losing 14.69% of its trading price. The MACD suggests that bears are overwhelming. As per market analysts, short term bounce in SOLO stock trading price is expected.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing