Fisker Inc. (NYSE:FSR) Sees Significant Growth in Short Interest

Fisker Inc. (NYSE:FSR) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 48,360,000 shares, an increase of 33.8% from the August 15th total of 36,150,000 shares. Approximately 30.3% of the shares of the company are short sold. Based on an average daily volume of 8,890,000 shares, the days-to-cover ratio is currently 5.4 days.

Shares of FSR traded up $0.02 during midday trading on Tuesday, reaching $13.32. The stock had a trading volume of 169,967 shares, compared to its average volume of 13,789,411. Fisker has a 1-year low of $8.70 and a 1-year high of $31.96. The company’s fifty day simple moving average is $14.76 and its two-hundred day simple moving average is $15.62. The company has a market cap of $3.94 billion, a price-to-earnings ratio of -33.40 and a beta of 0.94.

Fisker (NYSE:FSR) last announced its quarterly earnings data on Thursday, August 5th. The company reported ($0.18) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.04. The firm had revenue of $0.03 million during the quarter. Research analysts expect that Fisker will post -0.94 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in FSR. Vanguard Group Inc. raised its stake in Fisker by 20.5% during the 2nd quarter. Vanguard Group Inc. now owns 13,509,862 shares of the company’s stock worth $260,471,000 after acquiring an additional 2,294,437 shares in the last quarter. BlackRock Inc. increased its stake in Fisker by 288.7% in the second quarter. BlackRock Inc. now owns 10,167,089 shares of the company’s stock valued at $196,020,000 after purchasing an additional 7,551,583 shares during the period. Alliancebernstein L.P. increased its stake in Fisker by 50.3% in the second quarter. Alliancebernstein L.P. now owns 4,408,703 shares of the company’s stock valued at $85,000,000 after purchasing an additional 1,475,310 shares during the period. State Street Corp increased its stake in Fisker by 3,548.5% in the second quarter. State Street Corp now owns 3,188,746 shares of the company’s stock valued at $61,479,000 after purchasing an additional 3,101,346 shares during the period. Finally, Morgan Stanley increased its stake in Fisker by 22.9% in the second quarter. Morgan Stanley now owns 3,152,055 shares of the company’s stock valued at $60,772,000 after purchasing an additional 586,334 shares during the period. Institutional investors and hedge funds own 23.20% of the company’s stock.

Several equities research analysts have commented on FSR shares. Barclays lowered their price target on shares of Fisker from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, August 9th. Royal Bank of Canada lowered their target price on shares of Fisker from $27.00 to $26.00 and set an “outperform” rating on the stock in a research note on Friday, August 6th. Zacks Investment Research lowered shares of Fisker from a “hold” rating to a “sell” rating in a research note on Tuesday, August 10th. Bank of America lowered shares of Fisker from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $27.00 to $18.00 in a research note on Thursday, September 16th. Finally, Morgan Stanley began coverage on shares of Fisker in a research report on Monday, August 9th. They set an “overweight” rating and a $40.00 price target for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Fisker has a consensus rating of “Hold” and a consensus price target of $25.00.

Fisker Company Profile

Fisker, Inc engages in the provision of e-mobility solutions. It develops and manufactures eco-friendly electrically powered vehicles. Its products include solar t-shirt, sustainable solar bottle, solar hoodie, and fisker hat. The company was founded by Henrik Fisker and Geeta Gupta-Fisker in 2016 is headquartered in Manhattan Beach, CA.

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