Why Fisker Shares Are Soaring 30% This Week, and Could Go Higher
Electric vehicle (EV) start-up Fisker (NYSE: FSR) delivered better-than-expected financial numbers in its fourth-quarter and full-year report on Monday -- but that isn't really why the stock has been surging this week. As of early Friday morning, Fisker shares were up by more than 30% since last Friday's close, according to data provided by S&P Global Market Intelligence.
Fisker stock has been soaring this week not based on its past results, but because of what management said about the future. The company told investors it spent less money than expected in 2022, but still plans to make the first deliveries of its electric Ocean SUV this spring. Moreover, it projects that it will produce more than 42,000 units in 2023 as the number of reservations for the vehicle continues to grow. Investors liked that forecast, particularly when comparing it to what they have been hearing from other upstart EV makers that have already had their debut models in production for a full year.
Image source: Fisker.
Source Fool.com
