Shares of Fisker (NYSE: FSR) have fallen steadily so far this year, and this morning was no different. The electric vehicle (EV) stock was down 11% at 10 a.m. ET on Wednesday morning and had hit an all-time low of 0.8516 a share.

Fisker has struggled to make a mark in the EV industry so far. But just when investors thought the EV maker was making an effort to turn things around, their hopes were dashed. This morning, an analyst downgraded Fisker stock's price target by a jaw-dropping 90%.

Fisker stock slumped by double digits yesterday after reports surfaced of a probe into its Ocean SUV for poor braking performance. In an update, the National Highway Traffic Safety Administration's (NHTSA) Office of Defects Investigation announced that it has started a "preliminary evaluation" after receiving multiple complaints about Fisker's Ocean SUV losing partial braking performance on bumpy or low-traction surfaces without alerting the driver. One complainant even alleged a crash and an injury.

Continue reading

Source Fool.com