Fisker Stock Is Tumbling Tuesday: What's Going On?
Portfolio Pulse from Adam Eckert
Fisker Inc (NYSE:FSR) stock is falling after reporting Q3 financial results with lower-than-expected revenue and a reduced production forecast. The company reported a revenue of $71.8 million against a consensus estimate of $109.029 million and a quarterly loss of 27 cents per share. Fisker produced 4,725 vehicles and delivered 1,097 in Q3, but cut its full-year production target to 13,000-17,000 vehicles from 20,000-23,000. Barclays analyst Dan Levy maintained an Underweight rating on Fisker and lowered the price target from $5 to $4.
November 14, 2023 | 1:53 pm
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NEGATIVE IMPACT
Fisker Inc's stock is expected to face downward pressure in the short term due to disappointing Q3 results, lower revenue, and a reduced production forecast. Barclays analyst downgraded the price target, adding to the negative sentiment.
The negative earnings report, coupled with a significant cut in the production forecast, is a strong bearish signal for investors. The downgrade by Barclays, a major financial institution, further supports the likelihood of a short-term negative impact on Fisker's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100