Fisker Automotive (NYSE: FSR) was founded in 2007 by Henrik Fisker, a Denmark-based automobile designer. Fisker Karma is among the leading luxury plug-in hybrid electric vehicle manufacturers globally. Fisker reported its Q4 2022 earnings on Feb 27, below analysts’ estimates. Income fell by 31.87% and revenue by 72%. However, the price action following the earnings release was unexpected – FSR stock came under strong bullish pressure. Selling pressure overwhelmed buyers nearly after a week.
Fisker Stock (NYSE: FSR) was trading at $5.73 during the Friday session with stable moves. The recent sell-off in stock price led the price toward the previous support of $5.60, retesting it. A hammer candle formed during Friday’s trading session indicating enough buying pressure to sustain the range.
On the daily chart, FSR stock trades inside the descending parallel channel and forms lower highs and lower lows. The recent price action tells us that FSR stock is stuck within the $5.80-$6.10 range; bulls cannot hold out, and bears might be taking over. As soon as the price hit its previous low of $5.60, buyers started accumulating, marking a return.
In the upcoming days, if the buyers succeed in sustaining above $6.00, then bulls try to retest 20-days EMA, which was placed at $6.30.
Both co-founders of Fisker Automotive, Henrik Fisker and Bernhard Koehler, were working with one of the leading luxury car manufacturers Aston Martin before Fisker. In 2005, the duo left the company and took two years since then to establish Fisker.
Fisker Automotive also have helped Aston Martin and BMW design premium car models including the Aston Martin DB9, V8 Vantage, Artega GT and BMW Z8 and also serves as the design director at Aston Martin.
Over 10 different investors fund Fisker Automotive, including Kleiner Perkins, Ace Investments, Qatar Investment Authority, A123 Systems, among others.
Major FSR Shareholders are FifthDelta Ltd. which holds 17,575,669 shares, The Vanguard Group Inc., holding 14,854,281; and BlackRock Fund Advisors holds 10,944,495 shares of Fisker Inc. In the last quarter of 2022 BOFA Securities Inc. Bought 2.5 million shares of Fisker Inc.
Fisker Inc. recently announced a collaboration with ChargePoint Holdings (NYSE: CHPT) to work on charging solutions for EVs in North America, which is expected to be a win-win situation for both companies in the long run.
Summary
With clear seller participation, Fisker Stock has shown bearishness in recent trading sessions. Buyers are trying to cool off this selling pressure and register a short pullback.
Disclaimer
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/03/26/will-fisker-stocknyse-fsr-price-hold-or-slip-further/