SOLO - Electrameccanica Vehicles stock is downgraded at Roth MKM with progress sputtering

2023-04-18 07:21:37 ET

Roth MKM downgraded Electrameccanica Vehicles Corp. ( NASDAQ: SOLO ) on Tuesday to a Neutral rating after having the EV stock slotted at Buy.

Analyst Craig Irwin and team pointed to limited operating traction for the Canada-based company.

"We expect the pivot to focus on a new four-wheeled vehicle to take substantial time and capital to execute, and this introduces greater uncertainty. In the near-term, we expect revenue to be driven by outsource manufacturing by third parties."

The advice to investors is to wait for improved visibility on plans for the new SOLO vehicle and potential sales before becoming constructive on the stock.

Roth MKM's new price target on SOLO is $0.60. Shares have traded in a 52-week range of $0.44 to $1.97.

The Seeking Alpha Quant Rating on SOLO fell to Strong Sell on March 27 due to low marks for profitability, momentum, and EPS revisions.

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