Fisker Faces Delivery Issues, Intensifying Competition: These Analysts Take Turns At The Q3 Wheel
Portfolio Pulse from Priya Nigam
Fisker Inc (NYSE:FSR) shares dropped after reporting Q3 results, citing delivery issues due to logistical bottlenecks. Needham analyst Chris Pierce maintained a Hold rating, lowering '24 estimates due to production slowdowns to adjust inventory levels. Raymond James analyst Pavel Molchanov kept a Market Perform rating, noting intensifying competition and operational risks in scaling production. Concerns about the long-term margin profile were raised, especially since the Ocean model is ineligible for the U.S. federal tax credit. FSR shares fell 22.02% to $3.21.
November 14, 2023 | 6:46 pm
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Fisker Inc's Q3 earnings report highlighted delivery issues and a production slowdown, leading to a significant drop in stock price. Analysts maintain cautious ratings due to competition and operational risks.
The negative impact on Fisker's stock price is directly related to the disappointing Q3 earnings report, which has led to lowered future estimates by analysts and concerns about the company's ability to manage inventory and scale production amidst increasing competition. The stock's sharp decline reflects the market's reaction to these challenges.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100