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Why Is Fisker (FSR) Stock Up 20% Today?

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  • Fisker (FSR) stock is rising on a production outlook update.
  • The company holds to its guidance of 42,400 units for 2023.
  • It also saw an increase in Ocean orders.
FSR Stock - Why Is Fisker (FSR) Stock Up 20% Today?

Source: T. Schneider / Shutterstock.com

Fisker (NYSE:FSR) stock is on the rise Monday after the company provided an update on production and orders of its electric vehicles (EVs).

According to Fisker, it continues to expect the production of 42,400 units for the full year of 2023. The company notes that this outlook is based on the expectation that supply chain issues won’t pop up.

To go along with this, Fisker notes that orders for the Ocean have increased to 65,000 units as of Feb. 24, 2027. That’s a jump from the 62,000 orders the company reported in October 2022.

In addition to that news, Fisker says that homologation testing is going well. This is the type of test required to show roadworthiness. The EV company expects these tests to be completed before March.

FSR Stock Movement Today

Following the updates on Fisker Ocean production and orders, shares of FSR stock are seeing heavy trading on Monday. This has more than 12.6 million shares of the stock changing hands as of this writing. That’s well above the company’s daily average trading volume of about 5.9 million shares as investors buy the stock today.

With that news comes a 20.4% increase for FSR today. investors will also note that this rally nearly wipes out the losses the company has seen year-to-date.

Stock traders looking for more of the latest market news will want to keep reading!

InvestorPlace is home to all of the latest stock market coverage investors need to know about on Monday! That includes what’s going on with shares of Polestar Automotive (NASDAQ:PSNY), Cyren (NASDAQ:CYRN), and Tegna (NYSE:TGNA) stock today. We’ve got all that news ready to go below!

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On the date of publication, William White did not have (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.


Article printed from InvestorPlace Media, https://investorplace.com/2023/02/why-is-fisker-fsr-stock-up-20-today/.

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