Investing

Earnings Previews: Albemarle, Fisker, MGM Resorts, Qualcomm, Skillz

Fisker

Luxury electric vehicle maker Fisker Inc. (NYSE: FSR) has been a publicly traded company for just one year — but what a year. The stock’s share price increased by about 180% by late February, only to lose all that by mid-May. Since then, the stock is up about 76%, for a gain of nearly 73% for the 12 months. Next week’s IPO of electric pickup maker Rivian has juiced the EV sector. Fisker continues to burn cash and does not expect production of its Ocean SUV to begin until late next year.

Only 10 analysts cover Fisker, but half of them give the stock a Buy or Strong Buy rating. Another four have rated the shares at Hold. At the price of around $17.50, the implied gain based on a median price target of $19 is about 8.6%. At the high target of $40, the implied gain is about 129%.

Analysts do not expect Fisker to post any revenue in the third quarter and only $30,000 for the full year. The expected loss per share for the quarter is $0.34 and for the year, $1.12.

Fisker is not expected to post a profit in any of 2021, 2022 or 2023. The projected enterprise value-to-sales multiple for 2022 is 13.8 and for 2023 is 1.9. Forecast revenue for 2022 totals $115.7 million, and for 2023 it is $1.35 billion. The stock’s 52-week range is $9.61 to $31.96. Fisker does not pay a dividend.

MGM Resorts

Resort and casino operator MGM Resorts International (NYSE: MGM) has seen its share price rise by about 132% over the past 12 months but only by about 8.4% in the third quarter. For the year to date, MGM stock is up about 51%.

Like all casinos and resorts, MGM had a tough year in 2020, and 2021, while much better, has been bumpy. The company’s BetMGM sportsbook is expecting to rake in more than $1 billion next year as it continues to roll out in states that allow betting on sports.

Sentiment is mixed on the stock, with six of 15 analysts giving the shares a Hold rating, compared to seven who rate the stock a Buy or Strong Buy. At a price of around $47.80, the upside potential based on a median price target of $54 is 13%. At the high price target of $68, the upside potential is 42.3%.

The consensus third-quarter 2021 revenue estimate is $2.42 billion, up 6.8% sequentially and more than double last year’s third-quarter sales. MGM is forecast to post a loss per share of $0.02, better than the prior quarter’s loss of $0.13 and the year-ago loss of $1.08 per share. For the full year, analysts are expecting a loss per share of $0.80, much improved over last year’s loss per share of $3.94, on sales of $9 billion, up 74.3%.

MGM shares trade at 84.4 times estimated 2022 earnings and 40.5 times estimated 2023 earnings. The stock’s 52-week range is $21.27 to $49.13. MGM pays an annual dividend of $0.01 (yield of 0.02%).

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