Investors may want to keep an eye on Fisker Inc. (FSR).
After a brutal year, insiders are buying the stock.
President and CEO Henrik Fisker, for example, just bought 33,700 shares for about $250,000. Helping, the company just started rolling out its Ocean EV SUV. According to Yahoo Finance, “Fisker forecasts production in Austria to initially hit 300 vehicles in Q1 of 2023, with a “rapid increase” to 8,000 vehicles in Q2. After that 15,000 cars will follow in Q3, and in Q4 the factory will ramp up to nearly 20,000 cars produced, ending with 42,400 for the year.”
The company also has a lot of demand top fill. Right now, it has 63,000 reservations around the world of the new SUV, with two trim levels already sold out in the U.S. for 2023.
This all comes after a scathing short seller report.
According to a Fuzzy Panda Research report, “Fisker has large undisclosed bank guarantees that set a minimum cash balance. The bank guarantees are to Magna and are estimated at ~$790-825 million.This is Fisker’s entire current cash balance! We believe these guarantees are preventing Fisker from funding operating losses with the cash on their balance sheet and instead force them to utilize their ATM facility to raise cash to pay expenses.”
You can read the full Fuzzy Panda Research report here.
However, Fisker was quick to report that, “Fisker Inc. does not have a bank guarantee with Magna, and Fisker owns the intellectual property for the Fisker Ocean platform. The Ocean platform does not have 80 percent carryover parts from any other platform.”
Sincerely,
Ian Cooper
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