FSR Stock: Will It Keep Running On Reservations?

FSR Stock

Looking to disrupt the EV space with its asset-light business model, Fisker Inc. (NYSE: FSR) is one of the EV stocks to watch closely in 2023 as it starts to ramp up production. With the company anticipating delivering 5000 vehicles starting May bringing in revenues, the FSR stock forecast could be brighter than ever in 2023. Given that FSR is highly shorted, a short squeeze could be in the waiting – especially if the company continues to share positive news.

FSR Stock News

2023 Guidance

As it looks to penetrate the EV market, FSR is one of the top EV stocks to watch this year as it ramps up the production of its flagship vehicle – the Fisker Ocean. With the company planning to start delivering the vehicle this year, FSR stock presents an opportunity at current levels as the company is set to realize revenues from its vehicles this year. 

With this in mind, FSR recently shared positive guidance for 2023 as it reiterated its target of producing more than 42 thousand vehicles. Although the company missed analyst estimates for revenue and EPS in 2022, this bullish guidance allowed FSR stock to run by as much as 36% since the company could be anticipating major revenues in 2023. While the stock cooled down slightly from its run, FSR stock could be well-positioned to appreciate in value in 2023 as it prepares to launch its first EV – the Ocean.

Ocean Reservations

The Ocean’s launch could be one of the major launches in 2023 as the company sold out its 2023 US allotment of the Ocean Sport and Ultra trim levels. In addition, FSR sold out is 5 thousand Ocean One launch edition globally – with buyers in 9 launch markets committing to purchasing the limited version with a $5 thousand payment. 

On that note, the Ocean’s reservations have been extremely positive as reservations grew from 62 thousand at the end of Q3 2022 to 65 thousand in February. This growth in reservations indicates that FSR could be poised for major revenues this year as it starts delivering its flagship vehicle. 

Ocean Production

FSR commenced production of the Ocean last November with Magna Steyr in Austria after 2 years of development. With this in mind, FSR’s production ramp includes manufacturing more than 300 vehicles in Q1 followed by more than 8 thousand vehicles in Q2. After that, FSR expects to manufacture 15 thousand vehicles in Q3 and reach a total production of more than 42 thousand vehicles by EOY. If this plan proves to be successful, the FSR stock forecast could be extremely bullish since the company could become a major competitor in the EV market with such production.

These production numbers do not include 15 fleet vehicles built for Magna in December which the vehicle manufacturer is using for data collection, improvements, as well as testing and validation of future features. In this way, FSR could introduce additional features to the Ocean this year which could result in additional reservations. Meanwhile, one of these vehicles will be shown to 15 OEMs in Sweden this month to showcase the powertrain capabilities of both FSR and Magna. In light of this, FSR could be poised for major revenue growth which could see FSR stock soar in 2023.

As part of its efforts to start delivering the Ocean, FSR expects testing for homologation – the certification for roadworthiness – to be completed by March followed by the regulatory approval process. Once this step is completed, FSR could start selling its vehicle in more than 20 countries – further adding to its potential market. As this would accelerate the delivery of the Ocean, FSR is confident it could achieve a gross margin rate between 8 – 12% while posting positive EBITDA in 2023. Considering the scale of these targets, the FSR stock forecast appears to be bullish in 2023.

PEAR Model

In addition to the Ocean, FSR is currently developing its second model – the PEAR. This model’s development is progressing well and its inaugural drivable prototype was completed last December. The top version of the PEAR is expected to achieve more than 300 miles of range with revolutionary architecture. The PEAR also includes new automotive specifications to achieve a base price of only $29.9 thousand. 

As the PEAR would become one of the cheapest EVs in the market, FSR could be well-positioned to secure a significant share in this niche once the PEAR is launched. On this note, the PEAR is witnessing strong demand as its reservations are currently more than 5 thousand. Based on PEAR’s market potential, FSR could be an opportunity at current levels as it could soar in the long term.

Charging Infrastructure

With the company preparing to launch its first EV this year, FSR named ChargePoint Holdings, Inc. (NYSE: CHPT) as its North American partner for EV public charging solutions. Capitalizing on ChargePoint’s more than 210 thousand activated ports in North America, FSR’s charging infrastructure could help attract more customers to its vehicles. In this way, the company could further add to its anticipated revenues – making FSR stock an attractive growth stock for long-term investors.

Short Data

Although the company has substantial long-term potential, FSR stock could be a profitable short-term trade thanks to its short squeeze potential. According to Ortex data, FSR has a short interest rate of 40.5% with 67.7% of its float on loan. In light of its high short data, many investors are speculating FSR’s recent run following its Q4 earnings could be the result of a short squeeze. As the company is preparing to start delivering the Ocean this spring, FSR stock could witness a short squeeze that may send the stock to high levels compared to its current PPS.

FSR Stock Financials

According to FSR’s 2022 earnings, the company has $1.5 billion in assets – including $736.5 million in cash. Meanwhile, FSR has $1 billion in liabilities – of which $660.8 million are convertible notes with a conversion price of $19.7 per share. Based on this, FSR appears to be in a strong financial position as its cash balance is greater than its current liabilities of $330.8 million.

Since FSR is yet to record revenues from its main operations, the company realized $342 thousand in 2022 compared to $106 thousand in 2021 from Fisker branded apparel and goods. At the same time, operating costs increased YoY to $530.3 million compared to $329.2 million. As a result, FSR’s net loss widened from $471.3 million in 2021 to $547.3 million. Despite the company’s widening losses, FSR could be poised for significant financial growth this year as its first EV is set to launch this spring.

*Updated May 1st, 2023

New Battery Range Achievement

In late March, FSR announced that the Ocean Extreme version of its Ocean EV lineup had a combined Worldwide Harmonised Light Vehicle Test Procedure (WLTP) range of up to 440 miles or 707 kilometers. Based on these figures, the Ocean Extreme will have the longest range of any battery electric SUV sold in Europe today giving the company a significant competitive advantage.

Ocean Delivery

As of late, FSR announced its Ocean vehicle is officially certified for sale in Europe and ready for regional deliveries which caused the stock to run almost 34% following the announcement. The company had around 5,000 vehicles of the launch edition Ocean One ordered which will start being delivered on May 5th while expecting all vehicles to be delivered by the end of September. The company is also set to initiate some deliveries of the Ocean Extreme version of the vehicle starting in Europe with the US to follow. With this in mind, the FSR stock forecast could be bullish going forward as it is set to realize revenues in Q2.

FSR Stock Q1 Earnings

FSR will report its Q1 earnings on May 9th pre-market, where analysts expect the company to report revenue of $5.2 million and an EPS of -$0.3.

Media Sentiment

@FISKERWHALE is excited about FSR certification in Europe prior to its May deliveries

@stkchedda is anticipating FSR May 5th delivery date

Technical Analysis

FSR stock chart

FSR stock’s trend is bullish as it is trading in an upwards channel.

Looking at the indicators FSR stock is currently trading above the 21 MA, 50 MA and 200 MA which is a bullish sign. The RSI is approaching overbought at 68 and the MACD is bearish.

Fundamentally, FSR upcoming catalysts are its Ocean One vehicle delivery on May 5th followed by its Q1 earnings report on May 9th.

FSR price could further increase in anticipation of these catalysts, where a possible entry point would be on testing the lower trend line taking profits on the testing the upper trend line.

FSR Stock Forecast

With the company preparing to deliver its first EV – the Ocean – May 5th, the FSR stock forecast appears to be brighter than ever as the company is set to report revenues from its main operations this year. Considering the Ocean’s impressive reservations growth, FSR could be poised to realize major revenues this year. While the stock presents an attractive opportunity for long-term investors, FSR has the potential to continue its run in the short term. Given that FSR is a highly shorted stock, the Ocean’s launch for delivery could allow the stock to soar past its current levels. In light of the company’s efforts to ramp up production and bullish production guidance this year, FSR stock could be one of the best EV stocks to own in 2023.

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