Why Fisker Stock Tumbled 10.2% Lower in June
Extending the slide that saw them fall 2.5% in May, shares of Fisker (NYSE: FSR) continued to drive lower last month. According to data provided by S&P Global Market Intelligence, Fisker stock sank 10.2% in June. While the stock's slide is notable in and of itself to investors, it's even more concerning considering the bullish sentiment in the overall market -- enthusiasm that saw the S&P 500 climb about 6.5% in June.
Besides some negative coverage from Wall Street, investors chose to pump the brakes on Fisker's stock despite the company's report of a significant milestone.
Projecting that it has a rocky road ahead, Shreyas Patil, an analyst at Wolfe Research, assigned a $6 price target to Fisker's stock, downgrading shares to underperform from peer perform. Based on where the stock closed on the day before Patil's commentary became public, the $6 price target implies a downside of 3%. Subsequently, shares closed down by 7.7% on news of the analyst's bearish outlook.
Source Fool.com
