Fisker (NYSE:FSR) Trading Down 28.2%

Fisker Inc. (NYSE:FSR)’s share price dropped 28.2% during trading on Thursday . The company traded as low as $0.09 and last traded at $0.09. Approximately 62,229,286 shares changed hands during trading, a decline of 63% from the average daily volume of 167,012,320 shares. The stock had previously closed at $0.12.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FSR. Citigroup reissued a “neutral” rating and set a $0.80 price objective (down from $4.00) on shares of Fisker in a research note on Friday, March 1st. The Goldman Sachs Group cut their target price on Fisker from $2.00 to $1.00 and set a “sell” rating on the stock in a research report on Monday, December 4th. TD Cowen lowered Fisker from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $11.00 to $1.00 in a research report on Wednesday, January 17th. Barclays reduced their target price on shares of Fisker from $4.00 to $1.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 24th. Finally, R. F. Lafferty reaffirmed a “hold” rating and set a $2.00 price target (down previously from $3.00) on shares of Fisker in a research note on Friday, March 1st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.76.

Fisker Stock Performance

The company has a current ratio of 1.68, a quick ratio of 1.05 and a debt-to-equity ratio of 3.28. The stock has a market capitalization of $31.43 million, a P/E ratio of -0.04 and a beta of 0.71. The company’s 50-day moving average is $0.56 and its two-hundred day moving average is $2.55.

Fisker (NYSE:FSR) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.19). The business had revenue of $200.07 million for the quarter, compared to the consensus estimate of $332.66 million. Fisker had a negative net margin of 278.72% and a negative return on equity of 110.93%. As a group, sell-side analysts anticipate that Fisker Inc. will post -0.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FSR. HighTower Advisors LLC raised its stake in shares of Fisker by 4.4% in the 1st quarter. HighTower Advisors LLC now owns 50,610 shares of the company’s stock valued at $649,000 after purchasing an additional 2,134 shares during the period. Cetera Advisor Networks LLC lifted its stake in Fisker by 13.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 12,693 shares of the company’s stock valued at $164,000 after acquiring an additional 1,464 shares in the last quarter. Private Advisor Group LLC acquired a new position in Fisker during the 1st quarter worth approximately $133,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Fisker by 164.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 42,742 shares of the company’s stock valued at $551,000 after purchasing an additional 26,604 shares during the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Fisker by 58.5% in the first quarter. MetLife Investment Management LLC now owns 92,391 shares of the company’s stock worth $1,192,000 after purchasing an additional 34,099 shares in the last quarter. 33.58% of the stock is owned by institutional investors and hedge funds.

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.