Fisker Faces Delivery Issues, Intensifying Competition: These Analysts Take Turns At The Q3 Wheel

Fisker Inc (NYSE: FSR) shares tanked in early trading on Tuesday, after the company reported its third-quarter results.

The results came amid an exciting earnings season.

Here are some key analyst takeaways from the earnings release.

Needham On Fisker

Analyst Chris Pierce maintained a Hold rating on the stock.

Fisker reported disappointing third-quarter revenues, “citing logistical bottlenecks getting vehicles to US consumers,” Pierce said in a note.

“Given this dynamic FSR is in the midst of slowing Q4 production to right size vehicle inventories vs the pace of deliveries, driving us to lower our '24 estimates out of caution as the timing on accelerated deliveries appears to be the determining factor on the timing of a ramp in new vehicle production,” he added.

Check out other analyst stock ratings.

Raymond James On Fisker

Analyst Pavel Molchanov reiterated a Market Perform rating on the stock.

As electric vehicle adoption increases, the global market share of light-duty EVs could increase from 14% in 2022 to 25% in 2025, Molchanov said.

Fisker faced intensifying competition from both legacy automakers and new entrants, he added.

The company also faced elevated operational risk while scaling up production, which is “a key source of uncertainty,” the analyst stated.

“Premium-priced versions are being prioritized for the first 12-18 months, but the longer-term margin profile remains a question mark, especially given that the Ocean is not eligible for the U.S. federal tax credit,” he further wrote.

FSR Price Action: Shares of Fisker had declined by 22.02% to $3.21 at the time of publication Tuesday.

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Photo: Fisker