Shares of Electra Meccanica (SOLO , a Canadian electric vehicle maker with a market cap of below $150 million, were soaring 33.63% to $4.57 a share Wednesday after Benchmark Research analyst Bill Sutherland began coverage of the company with a speculative buy rating and a $6 price target.

The price target represents a 31% upside over the current level. 

Electra Meccanica, based in Vancouver, was founded in 2015 and went public in September 2017. The shares began trading at $3 apiece, spiked to an all-time high of $14.90 in late October 2017 and then sharply reversed course, falling to an all-time low of $1.22 a share in early February 2019. The stock has come 274% off that all-time low. 

The company had revenue of just under $1 million for all of 2018, as well as a net loss for the year. 

Electra Meccanica is building a one-seated car called the Solo with just three wheels. It's also building a roadster called the Tofino. While Electra Meccanica is seen as a Tesla (TSLA - Get Report) competitor, the small-cap company is looking to serve a very niche market.  

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