Fisker Stock Is Trading Higher Tuesday: What's Going On?

Fisker Inc FSR shares are trading higher Tuesday after the company announced that deliveries are set to ramp up.

What Happened: Fisker said it expects to start delivering 300 vehicles per day in the U.S. and Europe to keep up with demand. To date, the company has delivered more than 900 Fisker Ocean vehicles and manufactured 5,000.

"As we complete the third quarter and move into the fourth, we are preparing to significantly increase our pace of deliveries in the US and Europe. We are expanding both our teams and our physical locations, and we are targeting deliveries of 300 vehicle per day to meet strong demand for the Fisker Ocean," said Henrik Fisker, chairman and CEO of Fisker.

BofA Securities analyst John Murphy reinstated Fisker with a Buy rating and set a price target of $8.

See Also: Tesla's Q3 Delivery Numbers Could Challenge Wall Street Projections: 'Factory Shutdowns To Drive Material Miss,' Says Analyst

FSR Price Action: Fisker shares were up 5.84% at $5.62 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Fisker.