SOLO stock has been following a declining pattern for the past few weeks and lost 8.49% in a week and 30.82% in a monthly time frame. There are possibilities that Electrameccanica Vehicles Corp. stock might register a fresh 52-week low.
SOLO Stock Price Analysis
In the past 52 weeks, the SOLO stock price peaked at $1.4450 and its lowest trading price is $0.4000. Its annual price target is $0.5700 which is 32% greater than its press time trading price.
The MACD and the signal line are in bearish territory and moving in a flat direction. Similarly, RSI is struggling in bearish territory and signs of reversal might be seen in the coming days.
When writing, Electrameccanica Vehicles Corp. stock was trading at $0.4289, and is below 20, 50, 100, and 200-day EMA. Since October 02, 2023, a strong bearish momentum seems to be troubling the SOLO stock price.
TradingView data states that 111.361 Million SOLO shares are free-floating in the market and the remaining 8.017 Million are closely held. Electrameccanica Vehicles Corp. has a market capitalization of $51.333 Million.
Data from Companiesmarketcap(dot)com states that a decline of 29.31% is seen in the market capitalization of Electrameccanica Vehicles Corp. in 2023.
Electrameccanica Vehicles Corp. (SOLO) Financial Updates
In Q2 2023, Electrameccanica Vehicles Corp. failed to meet the estimated figures and reported 91.33% less revenue. However, the reported EPS of the company was 4.38% greater than the estimated figures.
In the financial year 2023, Electrameccanica Vehicles Corp. reported $6.81 Million in revenue from which net income was negative $123.70 Million and the 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.
The company majorly leads its operations in the United States and Canada, data available on Google states that till 2019 end, Electrameccanica Vehicles Corp. has sold only 429 units.
Technical Level
Support Level: $0.4000 and $0.3500
Resistance Level: $0.5000 and $0.5298
Conclusion:
Since the past few weeks, the SOLO stock price has followed a continuous path toward the bearish direction. The MACD and signal line are in the bear’s region and moving flat towards the end. The RSI seems to be lying in the bearish region, but some recovery might be seen in the coming session.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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
Source: https://www.thecoinrepublic.com/2023/10/25/will-the-decline-direct-solo-stock-towards-fresh-52-week-low/