What's Going On With EV-Maker Fisker Inc Stock?

Fisker Inc. FSR shares are trading lower Friday on continued downward momentum, and the stock is down by more than 30% over the last five days.

What To Know:

Fisker reported disappointing third-quarter financial results and vehicle delivery numbers on Monday. The company reported quarterly revenue of $71.8 million, below the consensus estimate of $109.029 million and delivered less than 1,100 vehicles for the quarter.

In an effort to reassure investors that the company's new distribution strategy will increase vehicle delivery figures in the coming quarters, Fisker announced Friday that it had delivered a one-day record of 107 vehicles on Thursday.

Fisker CEO, Henrik Fisker commented, "This result proves that our new distribution strategy is working. We expect this pace of deliveries to accelerate, and we will provide frequent updates during the remainder of 2023."

Morgan Stanley analyst Adam Jonas maintained Fisker with an Underweight and lowered the price target from $4 to $3 on Friday.

Short-sellers have targeted Fisker's stock with 41.64% of available shares sold short, according to data from Benzinga Pro. 

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FSR Price Action: According to Benzinga Pro, Fisker Inc. shares are down by 8.5% at an all-time low of $2.57 at the time of publication.

Image: Mohamed Hassen from Pixabay