Yahoo Finance Fisker Inc. (FSR) Surges 22.0%: Is This an Indication of Further Gains?
Fisker Inc. (FSR) shares soared 22% in the last trading session to close at $5.98. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 18.7% loss over the past four weeks.
Fisker's stock experienced a surge yesterday following the company's announcement that its Ocean SUV has received certification from European regulators. Deliveries of Ocean SUVs will commence on May 5. Moreover, Fisker plans to deliver all Ocean Ones by the end of September, along with starting some deliveries of the Ocean Extreme. Additionally, the company has already built several mid-trim, all-wheel-drive Fisker Ocean Ultra, with deliveries expected to begin in September.
Overall, Fisker's positive announcement of its certification and delivery plans for the Ocean SUV led to a surge in investor confidence. Shareholders are hopeful that Fisker is on track to meet its production targets and deliver its electric vehicles to customers in a timely manner.
This company is expected to post quarterly loss of $0.30 per share in its upcoming report, which represents a year-over-year change of +26.8%. Revenues are expected to be $17.2 million, up 171900% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Fisker Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on FSR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Fisker Inc. belongs to the Zacks Automotive - Domestic industry. Another stock from the same industry, Lucid Group, Inc. (LCID), closed the last trading session 7.1% higher at $7.22. Over the past month, LCID has returned -10.7%.
For Lucid Group, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.38. This represents a change of -660% from what the company reported a year ago. Lucid Group, Inc. currently has a Zacks Rank of #4 (Sell).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Fisker Inc. (FSR) : Free Stock Analysis Report
Lucid Group, Inc. (LCID) : Free Stock Analysis Report
