Fisker tumbles on bigger-than-expected Q3 loss

RBC Bearings

03/11/2022 14:53

** Shares of electric vehicle developer Fisker Inc  FSR.N 
fall ~4% to $7.71
    ** Co after market on Wednesday said quarterly loss widened
to $149 mln, or 49 cents per share, from $109 mln, or 37 cents
per share, a year ago  urn:newsml:reuters.com:*:nTUA6VWD2R
        ** Analysts on average had expected co to post Q3 loss
of 43 cents per share, according to Refinitiv IBES data
  
    ** RBC downgrades co to 'sector perform' from 'sector
outperform', citing near-term execution risks to its FY23
production plans, mainly supply chain, software concerns
    ** Brokerage cuts PT to $8 from $13; New PT implies a
downside of ~1% on last close vs previous PT's ~38% upside
    ** Co needs an additional ~$2 bln capital till 2025 - RBC 
    ** 4 of 12 brokerages rate the stock 'buy' or higher, 6
'hold' and 2 'sell' or lower; median PT is $10 - Refinitiv IBES 
    ** YTD, including session moves, the stock is down ~51%
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))