While Fisker (NYSE:FSR) may not be the best-known electric vehicle stock out there, it’s still a part of the field, at least for now. And it’s made its presence known just a little better by delivering a new electric SUV to Europe. Investors were modestly happy about this development, sending shares up nearly 2% during Wednesday afternoon’s trading.
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More specifically, Fisker delivered an Ocean Sport electric SUV to the Fisker Lounge London at the Westfield London Mall. The Ocean Sport boasts a front-wheel-drive powertrain driven by a single electric motor. It has a range of 288 miles and is commonly regarded as a competitor to the Model Y from Tesla (NASDAQ:TSLA).
This is part of a larger initiative on Fisker’s part, though, as it’s moving to expand its market base by setting up delivery locations worldwide. In aid of that, it’s also worked to augment its shipping and fulfillment infrastructures to get more cars to more customers more rapidly.
Not All Good News, Though
Even as Fisker works to get more cars on the road, it’s not all sunshine and rainbows for the company. In fact, a new class action lawsuit targeting Fisker is in the works. Holzer & Holzer LLC, according to a release from the firm, is looking for investors with “substantial losses” after investing in Fisker to come forward and join the suit, which Holzer & Holzer notes focuses on “false or misleading statements and/or omitted material adverse information regarding the Company’s business, operations and prospects…” Those who bought in between August 4, 2023, and November 20, 2023, are encouraged to contact the firm.
Is Fisker a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Hold consensus rating on FSR stock based on four Buys, two Holds, and four Sells assigned in the past three months, as indicated by the graphic below. After a 78.2% loss in its share price over the past year, the average FSR price target of $3.94 per share implies 167.12% upside potential.
