Fisker (NYSE:FSR) stock is in the spotlight today following an insider acquisition by Chief Accounting Officer (CAO) John Finnucan. Excluding Finnucan’s purchase, the last insider purchase of FSR stock was attributable to Director Mitchell Zuklie, who purchased 5,000 shares at an average price of $11.35 on March 9.
Recently, Fisker announced that its Ocean One had sold out of all of its reservations in just 30 days. The electric vehicle (EV) has three models, with the lowest priced at $37,499 and the highest at $69,000. A solar roof is one of the unique features of the EV and is believed to be able to add 2,000 miles of range per year. Each reservation of the Ocean was secured with a $5,000 deposit. In total, the reservations amount to $350 million of potential revenue if each reserved vehicle is delivered.
Fisker expects production of the Ocean One to begin in November. As a result of demand, the company may seek to increase production in the U.S. next year as well.
With that in mind, let’s get into the details of Finnucan’s recent FSR stock acquisition.
FSR Stock: CAO John Finnucan Acquires Shares
On Aug. 31, Finnucan acquired 2,350 shares of Fisker. The shares were acquired after Finnucan exercised stock options that became vested and exercisable on Oct. 12 of last year. After the acquisition, Finnucan now owns a total of 14,118 shares.
Executives often exercise their stock options and then immediately sell them. However, it appears that Finnucan will hold on to his shares, at least for now. Stock options are generally gifted to employees based on factors like company performance or stock price performance.
In the past year, Fisker insiders have made 38 open market buys and four sales. However, the number of shares sold outnumber the number of shares purchased. Insiders have purchased 230,793 shares in the past year and sold 506,487 shares. That amounts to a net activity of 275,694 shares sold.
According to WhaleWisdom, c0founder and CEO Henrik Fisker is the largest shareholder of FSR stock. The CEO has a 81.83 million share stake, accurate as of the second quarter of 2021. Exchange-traded fund (ETF) provider Vanguard trails behind Fisker with 13.31 million shares, followed by automaker parts manufacturer Magna International (NYSE:MGA) with 12.96 million shares.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
