Shares of EV maker Fisker (NYSE:FSR) are rising today after the company announced fourth-quarter numbers.
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Revenue surged nearly 675% year-over-year to $0.31 million but missed expectations by $0.7 million. Net loss per share at $0.56 too, came in wider than estimates by $0.15. The company’s bottom line has been in the red for more than eight consecutive quarters now. At the end of 2022, it had a cash pile of $736 million.
Nonetheless, an uptick in vehicle reservations continues to keep investor interest elevated. FSR had a total of 65,000 Fisker Ocean reservations as of February 24. Further, the company expects an 8% to 12% gross margin and a possibly positive EBITDA for 2023.
Overall, Wall Street has a consensus price target of $11.50 on FSR, implying a whopping 102.46% potential upside in the stock. That’s after a 52% slide in the share price over the past year. At the same time, short interest in the stock also remains elevated at about 36% at present.
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