Fisker (OTCMKTS:FSRN) has had an extremely unfortunate year. The electric vehicle (EV) company has made several noteworthy announcements during the past few months, although almost none of them have been positive. From customer complaints to being delisted from the New York Stock Exchange, Fisker just can’t seem to catch a break.
The Ocean has received a total of 151 complaints, as tracked by the National Highway Traffic Safety Administration (NHTSA). That has resulted in the NHTSA opening four safety investigations into the vehicle, which involve its brakes, doors and unintended vehicle movements.
Fisker has also announced production halts on its only vehicle, the Ocean SUV, while slashing prices by as much as 39%.
As of now, Fisker seems to be hanging on by just a thread. Shares of FSRN stock have lost 96% so far this year. Still, the company managed to extend its runway after announcing a $3.45 million sale of senior secured notes due on June 24.
Institutional shareholders have taken notice of Fisker’s woes by significantly reducing their stake in the automaker. Let’s get into the details.
Institutional Investors Are Jumping Ship on Fisker Stock
According to WhaleWisdom, net institutional (or 13F) exposure to FSRN stock fell by a staggering 94.69% to 5.51 million shares as of the end of the first quarter. In addition, the number of 13F filers holding FSRN declined by 78.93% to just 51.
Hedge funds, a subset of institutional investors, also jumped ship during Q1. Five hedge funds own a stake in Fisker, down from 45. The total number of shares owned by hedge funds plunged by 88.33% to 3.32 million. That paints an extremely bearish picture.
Fisker’s removal from the NYSE likely resulted in many institutional investors liquidating their positions. Here are the top sellers of Fisker during Q1:
- Vanguard sold its entire stake of 19.85 million shares.
- FIFTHDELTA sold its entire stake of 19.31 million shares.
- BlackRock (NYSE:BLK) sold its entire stake of 16.28 million shares.
- State Street (NYSE:STT) sold its entire stake of 5.42 million shares.
- Invesco (NYSE:IVZ) sold its entire stake of 4.93 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.
