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In the latest trading session, ElectraMeccanica Vehicles Corp. (SOLO) closed at $8.53, marking a -1.84% move from the previous day. This change lagged the S&P 500's 0.74% gain on the day. At the same time, the Dow added 0.76%, and the tech-heavy Nasdaq gained 0.95%.
Prior to today's trading, shares of the company had gained 25.22% over the past month. This has outpaced the Auto-Tires-Trucks sector's gain of 11.31% and the S&P 500's gain of 4.41% in that time.
Investors will be hoping for strength from SOLO as it approaches its next earnings release. In that report, analysts expect SOLO to post earnings of -$0.10 per share. This would mark year-over-year growth of 41.18%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $0.16 million, down 33.33% from the year-ago period.
It is also important to note the recent changes to analyst estimates for SOLO. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. SOLO currently has a Zacks Rank of #3 (Hold).
The Automotive - Foreign industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 89, which puts it in the top 35% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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ElectraMeccanica Vehicles Corp. (SOLO) : Free Stock Analysis Report
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