Why Fisker Stock Dived by Almost 9% Today
Weak numbers from a top peer and an analyst's deep price target cut sent Fisker (NYSE: FSR) stock to the investor used-car lot on Thursday. The high-end electric vehicle (EV) maker's share price tumbled by nearly 9% on the day, while the S 500 index inched into positive territory with a 0.3% gain.
That peer was EV industry pace-setter , which unveiled its fourth quarter results after market hours on Wednesday. Unfortunately for Tesla shareholders specifically and EV sector bulls generally, the mighty company's revenue and profitability came in notably under the average analyst estimates. Worse, it cautioned that its volume growth could see significant deceleration this year.
When Tesla sneezes, the rest of the EV sector usually catches cold. Fisker saw a pronounced decline and while other EV makers didn't fall quite as much, a great many of them also took hits to their share prices.
Source Fool.com
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