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What happened
Shares of
ElectraMeccanica Vehicles (NASDAQ:SOLO) fell 17.1% in December, according to data from YCharts. The decline followed a 168.7% increase for the company s share price in November.
There wasn t much in the way of business-specific news behind the pullback for ElectraMeccanica last month, and the stock actually received some encouraging new price targets from analysts. The double-digit sell-off in December appears to have mostly been a reaction to the incredible gains that the Canada-based electric vehicle (EV) company s share price notched in November.
Image source: Electrameccanica Vehicles.
So what
While it wasn t enough to power another month of gains, ElectraMeccanica received favorable coverage from analysts in December. Colliers published a note initiating coverage on the EV stock on Dec. 16, giving it a buy rating and setting a one-year price target of $7.50 per share. Stifel analyst J. Bruce Chan published a