Fisker Stock Price and Forecast: FSR prepares for rally

• Fisker stock looks set to rally as risk appetites return.
• FSR sees social media interest as a new model due.
• FSR stock is down nearly 50% this year.

Fisker (FSR) is catching some social media interest from retail traders on Friday as news of its new electric vehicle circulates. Fisker is an electric vehicle manufacturer based in California. The company like many in the EV space is relatively new, having only been founded in 2016. 

Fisker stock news

Fisker announced in mid-August that it had sold out 5,000 orders for the Fisker Ocean One Limited Edition.

"In July 2022, the 5,000-unit Fisker Ocean ONE limited launch edition sold out globally in just 30 days, and the waitlist, should any become available, numbers over 1,000," the company said in a statement. "The Fisker Ocean Sport base model and mid-level Fisker Ocean Ultra followed suit, with potential binding orders for the 2023 U.S. allocation for both trims selling out in a matter of days earlier this month. Fisker currently has more than 58,000 reservations (inclusive of firm orders) for the five-passenger, all-electric SUV, with at least 80,000 reservations projected by the end of the year."

The company also plans to try and get US customers to remain eligible for tax credits as part of the Inflation Reduction Act. Qualifying reservation holders in the United States are eligible for a $7,500 tax credit under existing law, but the proposed legislation, as currently drafted, would make the Fisker Ocean ineligible since it is built in Austria. In addition, the bill also imposes a household income cap of $150,000 for single filers and $300,000 for couples filing jointly.

However, Fisker believes customers may be able to retain eligibility for the full $7,500 credit for the 2022 tax year by converting their existing reservations into a binding sales contract for the purchase of the Fisker Ocean.

"Many of our reservation holders are looking forward to the tax advantages of purchasing an electric vehicle,"  Chairman and CEO Henrik Fisker said. "Therefore, we acted swiftly and proactively to protect access to existing tax credits for qualifying Fisker Ocean buyers should the Inflation Reduction Act become law."

Henrik Fisker will speak at Morgan Stanley’s 10th Annual Laguna Conference on Thursday, September 15.

We have seen unconfirmed reports from that say Fisker Ocean reservations are at 60,000 now.

Fisker stock forecast

Technically, holding support at $8 is key. Fisker stock has repeatedly tested this level, and so far it has held. If so, then the target resistance is $9 from the 50-day moving average and then $10.20 from the trendline connecting the previous highs. We have a potential for a bottom formation here due to the bearish series of lower highs, but we have not made a new low. This is the key, we need to make a new high to confirm the bottom is in. That means breaking $11.41.

Fisker daily stock chart