Fisker (NYSE:FSR) Stock Rating Upgraded by Zacks Investment Research

Fisker (NYSE:FSR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Fisker Inc. engages in developing electric vehicles. Fisker Inc., formerly known as Spartan Energy Acquisition Corp., is based in California. “

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada assumed coverage on shares of Fisker in a research note on Tuesday, June 8th. They issued an “outperform” rating and a $27.00 target price for the company. Bank of America began coverage on shares of Fisker in a research note on Tuesday, April 20th. They issued a “buy” rating and a $31.00 target price for the company. Barclays began coverage on shares of Fisker in a report on Thursday, April 1st. They issued an “equal weight” rating and a $17.00 price target on the stock. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $10.00 price target (down from $15.00) on shares of Fisker in a report on Wednesday, April 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Fisker currently has a consensus rating of “Buy” and an average target price of $26.36.

NYSE:FSR traded up $0.45 during mid-day trading on Wednesday, hitting $16.39. The stock had a trading volume of 3,354,614 shares, compared to its average volume of 15,149,043. Fisker has a twelve month low of $8.70 and a twelve month high of $31.96. The firm has a market cap of $4.84 billion, a PE ratio of -40.98 and a beta of 0.97. The stock has a 50 day simple moving average of $16.01.

Fisker (NYSE:FSR) last issued its earnings results on Sunday, May 16th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.08. The firm had revenue of $0.02 million during the quarter. Analysts forecast that Fisker will post -0.85 EPS for the current year.

In other news, CEO Henrik Fisker sold 22,000 shares of the firm’s stock in a transaction that occurred on Friday, June 11th. The shares were sold at an average price of $18.70, for a total transaction of $411,400.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Geeta Gupta sold 561,956 shares of the stock in a transaction that occurred on Friday, June 11th. The stock was sold at an average price of $17.83, for a total transaction of $10,019,675.48. 46.57% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted its position in shares of Fisker by 78.0% during the 1st quarter. Alliancebernstein L.P. now owns 2,933,393 shares of the company’s stock worth $50,513,000 after acquiring an additional 1,285,848 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Fisker during the 1st quarter worth approximately $48,770,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Fisker by 52.7% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,685,264 shares of the company’s stock worth $46,240,000 after acquiring an additional 926,414 shares in the last quarter. D. E. Shaw & Co. Inc. acquired a new stake in shares of Fisker during the 1st quarter worth approximately $41,812,000. Finally, Amundi Asset Management US Inc. acquired a new stake in shares of Fisker during the 1st quarter worth approximately $28,517,000. Institutional investors and hedge funds own 23.66% of the company’s stock.

About Fisker

Fisker, Inc engages in the provision of e-mobility solutions. It develops and manufactures eco-friendly electrically powered vehicles. Its products include solar t-shirt, sustainable solar bottle, solar hoodie, and fisker hat. The company was founded by Henrik Fisker and Geeta Gupta-Fisker in 2016 is headquartered in Manhattan Beach, CA.

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