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Why Is Fisker (FSR) Stock Down Today?


  • Fisker (FSR) stock is falling alongside a downgrade from Wolfe Research.
  • The firm’s analyst dropped FSR stock to a “sell” rating.
  • This came with a $6 price target for the shares as well.
FSR Stock - Why Is Fisker (FSR) Stock Down Today?

Source: Ringo Chiu / Shutterstock.com

Fisker (NYSE:FSR) stock is falling on Thursday after getting a negative rating from Wolfe Research analyst Shreyas Patil.

That downgrade saw the Wolfe Research analyst dropping FSR stock from a “hold” rating to a “sell” rating. For comparison, the analyst consensus rating for Fisker stock is a “hold” based on nine opinions.

In addition to that downgrade, Patil continues to hold a $6 price target for FSR stock. That’s a potential 3% downside for the shares compared to their closing price on Wednesday. It’s also incredibly bearish next to the analyst consensus price target of $11.33 per share.

What’s Behind the Bearish FSR Stock Rating?

The Wolfe Research analyst highlights FSR stock as an incredibly speculative trade for investors. One of the main thoughts behind this reasoning is the massive amount of competition Fisker faces in the electric vehicle (EV) market.

Also not helping matters is Fisker getting its EV parts from another company. It works alongside Magna International (NYSE:MGA) to manufacture parts for its vehicles as it doesn’t own a facility to do this work itself. That may make it more difficult for the company to compete against EV manufacturers like Tesla (NASDAQ:TSLA), who can offer deeper discounts on their products.

FSR stock is down 4.5% on Thursday morning as some 1.6 million shares change hands. For the record, its daily average trading volume is closer to 7.8 million shares.

There’s loads of additional stock market news traders will want to know about below!

We’ve prepared a collection of all the hottest stock market stories traders will want to read up on for Thursday! That includes what’s happening with shares of casino stocks, GameStop (NYSE:GME) stock and T-Mobile (NASDAQ:TMUS) stock today. You can catch up on all of this news at the following links!

More Friday Stock Market News

On the date of publication, William White 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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/06/why-is-fisker-fsr-stock-down-today/.

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