Why Is Fisker Stock Plunging This Week, and What's Next?
What a wild roller-coaster ride this week has been for Fisker (NYSE: FSR) stock! Until the market's closing on Thursday, shares of the electric vehicle (EV) start-up had surged 28.8% at its highest point, according to data provided by S&P Global Market Intelligence. The EV stock plunged more than 40% on Friday, though, and was down 35% for the week as of 10 a.m. ET Friday.
Investors who expected to see some glimmer of hope in Fisker's numbers and were betting on the languishing stock ahead of earnings were in for a rude shock today when the company issued a "going concern" warning. The stock attracted some brutal analyst downgrades after earnings.
Fisker announced its preliminary numbers this morning. It produced 4,789 units and delivered 3,818 units of Fisker Ocean SUVs in the fourth quarter. In 2023, it produced 10,193 but delivered under 5,000 units. It generated $273 million in revenue in 2023 but suffered a net loss of $762 million.
Source Fool.com
