Electric vehicle maker Fisker (NYSE:FSR) might be falling short of hitting its internal sales targets, according to a TechCrunch report. The report comes just weeks after Henrik Fisker, the Chairman and CEO of Fisker, lamented that its present share price does not reflect the long-term opportunities for the company.
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Citing internal documents at the company, TechCrunch noted that Fisker is falling significantly short of the goal to deliver 300 EVs per day. Reportedly, Fisker was able to sell only one to two dozen of its vehicles a day in North America last month. The TechCrunch report comes just as Fisker announced a pivot from a direct-sales-only approach to partnering with dealerships. Highlighting a move to an asset-light model, the company now expects to have nearly 100 dealer locations in North America and Europe.
Meanwhile, short interest in the stock remains sky-high even after a nearly 80% price decline over the past year. Additionally, a class action lawsuit has been filed against the company via Levi & Korsinsky.
What is the Price Target for FSR?
Overall, the Street has a Hold consensus rating on Fisker. Following the substantial value erosion in the stock, the average FSR price target of $3.94 points to a massive 169.9% potential upside in the stock.
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