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Fisker (NYSE:FSR) Cut to Underweight at Morgan Stanley

Financial News Live ·  01/29 19:01

Morgan Stanley downgraded shares of Fisker (NYSE:FSR – Get Rating) from an equal weight rating to an underweight rating in a report published on Wednesday, MarketBeat reports. They currently have $4.00 price target on the stock, down from their previous price target of $8.00.

Other equities analysts have also issued reports about the company. Needham & Company LLC reduced their price objective on Fisker from $12.00 to $10.00 and set a buy rating for the company in a report on Thursday, October 20th. Royal Bank of Canada downgraded Fisker from an outperform rating to a sector perform rating and lowered their price target for the company from $13.00 to $8.00 in a research report on Thursday, November 3rd. Finally, Evercore ISI started coverage on Fisker in a report on Tuesday, November 29th. They issued an outperform rating and a $15.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $14.62.

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Fisker Trading Up 15.0 %

Shares of FSR stock opened at $7.84 on Wednesday. The stock's fifty day simple moving average is $7.26 and its 200 day simple moving average is $8.05. Fisker has a twelve month low of $6.41 and a twelve month high of $14.74. The firm has a market capitalization of $2.45 billion, a P/E ratio of -4.53 and a beta of 1.10. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 1.12.

Fisker (NYSE:FSR – Get Rating) last announced its earnings results on Wednesday, November 2nd. The company reported ($0.47) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.04). Fisker had a negative net margin of 669,901.25% and a negative return on equity of 75.88%. The business had revenue of $0.01 million for the quarter. As a group, sell-side analysts predict that Fisker will post -1.64 EPS for the current fiscal year.

Insider Activity

In related news, CEO Henrik Fisker bought 33,700 shares of Fisker stock in a transaction dated Monday, December 5th. The shares were acquired at an average cost of $7.42 per share, with a total value of $250,054.00. Following the completion of the transaction, the chief executive officer now owns 629,218 shares in the company, valued at approximately $4,668,797.56. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have acquired 35,505 shares of company stock worth $263,208. 45.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Fisker by 3.3% in the third quarter. Vanguard Group Inc. now owns 13,752,473 shares of the company's stock valued at $103,832,000 after purchasing an additional 437,940 shares during the period. BlackRock Inc. grew its position in shares of Fisker by 0.3% in the third quarter. BlackRock Inc. now owns 10,276,634 shares of the company's stock valued at $77,587,000 after purchasing an additional 28,475 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Fisker by 20.0% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 4,010,000 shares of the company's stock valued at $34,366,000 after purchasing an additional 667,499 shares during the period. State Street Corp grew its position in shares of Fisker by 2.2% in the first quarter. State Street Corp now owns 3,387,352 shares of the company's stock valued at $43,697,000 after purchasing an additional 74,115 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of Fisker by 178.2% in the third quarter. Lazard Asset Management LLC now owns 2,026,228 shares of the company's stock valued at $15,298,000 after purchasing an additional 1,297,909 shares during the period. Hedge funds and other institutional investors own 28.95% of the company's stock.

About Fisker

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Fisker, Inc engages in building a technology-enabled automotive business model, which involves vehicle development, customer experience, and sales and service. It also designs, develops, and manufactures eco-friendly electric vehicles. The company was founded by Henrik Fisker and Geeta Gupta-Fisker in 2016 is headquartered in Manhattan Beach, CA.

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