Fisker Orders Increase
Fisker Inc, an electric vehicle startup, has just reported increased orders for its electric sports utility vehicle, the Ocean, and maintained its production forecast for the year, despite a wider quarterly loss. The company said reservations for the first model of the Ocean have risen to more than 65,000 as of Feb. 24, up from 62,000 as of Oct. 31, 2022. Fisker reiterated the production target of 42,400 cars with its manufacturing partner Magna International’s Austrian unit in 2023, but said the forecast is dependent on supply chain deliveries as per its projection and timely homologation process. The firm also said it targets a gross margin range of 8% to 12% and positive earnings before interest, tax, depreciation, and amortization this year. Magna and Fisker began producing the Ocean SUV in November, after reporting a sell-out of the Sport and Ultra variants of the car they planned to produce this year for the US market. The company also said it was exploring options to expand its manufacturing operations in the United States next year.
FSK Stock Price Forecast
According to the forecasts of seven analysts, the average target price for Fisker Inc’s stock over the next 12 months is USD 9.45, which represents a potential upside of around 66% from the last closing price of USD 5.68. The average analyst rating for Fisker Inc is “Buy,” indicating that the company’s stock is expected to perform well over the next 12 months.
However, Stock Target Advisor’s own analysis of Fisker Inc’s stock is “Very Bearish,” based on zero positive signals and nine negative signals. The negative signals may reflect concerns about the company’s ability to meet its production targets, supply chain disruptions, and competition from other electric vehicle manufacturers.
Over the past week, Fisker Inc’s stock price has declined by 18.62%, reflecting the current market volatility and uncertainty. The stock price has also declined by 16.72% over the past month and 52.43% over the last year. The significant decline in the stock price over the last year may also reflect concerns about the company’s financial performance and ability to execute its business plan successfully.
Overall, there appears to be a mixed sentiment among analysts and market watchers about Fisker Inc’s future prospects. While some analysts are optimistic about the company’s growth potential, others remain cautious about its ability to deliver on its promises.