Fisker (NYSE:FSR) stock is falling on Monday as investors react to a new analyst rating for the electric vehicle company’s shares.
Evercore ISI analyst Chris McNally downgraded shares of FSR stock from an “outperform” rating to an “in line” rating today. For comparison, the analysts’ consensus rating for FSR shares is hold base don 10 opinions.
It’s also worth pointing out that the Evercore ISI analyst dropped the price target for FSR stock from $6 per share to $2 per share. That’s still a potential 15.6% upside of the stock’s prior close. However, it’s incredibly bearish next to the analysts’ consensus price prediction of $6.89 per share.
What’s Behind the Bearish Stance on FSR Stock?
Here’s what McNally said about Fisker in a note to clients obtained by Seeking Alpha.
“In addition to a general lack of execution or tangible evidence of increased execution, we see FSR’s next 12 months as a highly precarious tightrope of execution, brand risk, capital raises & dilution.”
Stock movement for FSR has some 4 million shares changing hands as of this writing. That’s still well below its daily average trading volume of about 12.6 million shares.
FSR stock is down 3.1% as of Monday morning and is down 75.7% since the start of the year.
Investors looking for more of the hottest stock market news will want to stick around!
We have all of the biggest stock market happenings worth reading about on Monday! Among that is what’s going on with shares of Garden Stage (NASDAQ:GSIW), NLS Pharmaceutics (NASDAQ:NLSP) and WiSA Technologies (NASDAQ:WISA) stock today. You can find out more on these matters at the following links!
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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.
