EV Stock Set to Soar on Delivery Update, Bull Note

Bank of America reiterated its "buy" rating

Deputy Editor
Sep 26, 2023 at 9:07 AM
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Shares of electric vehicle (EV) concern Fisker Inc (NYSE:FSR) are up 5.5% at $5.60 ahead of the bell, following a bull note and upbeat delivery figures.

Bank of America reinstated covering on FSR with a  "buy" rating, saying the equity offers "pure-play exposure to the rapidly growing EV market." What's more, the vehicle developer also announced plans to up deliveries of its Ocean vehicle to 300 per day later this year. 

Coming into today, there was a variety of sentiment concerning Fisker stock. Of the nine covering brokerages, four said "strong buy," two "hold," and three recommended a "strong sell."  Short interest fell 4.7% in the last two reporting periods, yet the 81.74 million shares sold short make up 42.6% of the stock's available float.

Options traders are more optimistic. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), FSR's 50-day call/put volume ratio of 3.63 ranks in the 96th percentile of its annual range. Echoing this, the equity's Schaeffer's put/call open interest ratio (SOIR) of 0.86 sits higher than just 1% of annual readings.

Fisker stock is looking to overcome a 27% year-to-date deficit. The good news is, the security's recent dip follows an upward trend, with shares up 9.3% over the last three months. However, FSR is trading below all notable short- and long-term moving averages.


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