Fisker (NYSE:FSR) Sets New 52-Week Low Following Weak Earnings

Fisker Inc. (NYSE:FSR) reached a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $3.18 and last traded at $3.51, with a volume of 7959030 shares changing hands. The stock had previously closed at $4.11.

The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.08). The firm had revenue of $71.80 million for the quarter, compared to analysts’ expectations of $143.10 million. Fisker had a negative net margin of 39,127.70% and a negative return on equity of 109.16%. Fisker’s revenue for the quarter was up 512757.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.47) EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on FSR shares. Bank of America started coverage on Fisker in a research note on Tuesday, September 26th. They issued a “buy” rating and a $8.00 price objective for the company. Citigroup cut their price objective on shares of Fisker from $18.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, August 17th. R. F. Lafferty lowered their target price on shares of Fisker from $10.00 to $9.00 and set a “buy” rating on the stock in a report on Monday, August 7th. Finally, Barclays cut their target price on shares of Fisker from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Fisker currently has a consensus rating of “Hold” and a consensus target price of $9.38.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FSR. RVW Wealth LLC purchased a new stake in shares of Fisker in the third quarter worth approximately $36,000. Russell Investments Group Ltd. boosted its stake in shares of Fisker by 420.3% during the second quarter. Russell Investments Group Ltd. now owns 8,138 shares of the company’s stock valued at $44,000 after purchasing an additional 6,574 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Fisker by 293.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,856 shares of the company’s stock valued at $50,000 after purchasing an additional 5,112 shares during the period. FMR LLC grew its holdings in shares of Fisker by 54.2% in the first quarter. FMR LLC now owns 8,370 shares of the company’s stock worth $51,000 after purchasing an additional 2,941 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Fisker by 473.9% in the 1st quarter. Tower Research Capital LLC TRC now owns 8,763 shares of the company’s stock worth $54,000 after buying an additional 7,236 shares during the period. 33.74% of the stock is owned by hedge funds and other institutional investors.

Fisker Stock Down 18.7 %

The company has a market cap of $1.15 billion, a P/E ratio of -2.01 and a beta of 1.01. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.15 and a current ratio of 1.44. The business’s fifty day moving average is $5.60 and its two-hundred day moving average is $5.85.

Fisker Company Profile

Fisker Inc develops, manufactures, markets, leases, or sells electric vehicles. It operates through three segments: The White Space, The Value Segment, and The Conservative Premium segments. The company is also involved in asset-light automotive business. In addition, it offers fisker flexible platform agnostic design, a process that develops and designs electric vehicles in specific segment size.