Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) Sees Significant Growth in Short Interest

Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totaling 2,657,696 shares, a growth of 147.6% from the September 15th total of 1,073,423 shares. Based on an average trading volume of 6,361,681 shares, the days-to-cover ratio is presently 0.4 days. Currently, 69.2% of the company’s stock are short sold.

Hedge Funds Weigh In On Faraday Future Intelligent Electric

Several hedge funds and other institutional investors have recently bought and sold shares of FFAI. Bank of America Corp DE boosted its stake in shares of Faraday Future Intelligent Electric by 64.2% in the 1st quarter. Bank of America Corp DE now owns 159,807 shares of the company’s stock worth $44,000 after buying an additional 62,510 shares during the last quarter. Abel Hall LLC bought a new stake in shares of Faraday Future Intelligent Electric in the first quarter worth $42,000. Kaufman Rossin Wealth LLC purchased a new stake in Faraday Future Intelligent Electric during the first quarter valued at $43,000. Caitong International Asset Management Co. Ltd increased its position in Faraday Future Intelligent Electric by 9,352.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 145,939 shares of the company’s stock valued at $149,000 after acquiring an additional 144,395 shares during the last quarter. Finally, Aristides Capital LLC purchased a new stake in Faraday Future Intelligent Electric during the fourth quarter valued at $100,000. Institutional investors own 71.74% of the company’s stock.

Faraday Future Intelligent Electric Stock Down 3.2%

Shares of Faraday Future Intelligent Electric stock traded down $0.04 on Wednesday, reaching $1.07. The company’s stock had a trading volume of 60,319,679 shares, compared to its average volume of 1,106,256. The company has a market capitalization of $4.15 million, a price-to-earnings ratio of -0.00 and a beta of 5.81. The firm’s fifty day simple moving average is $2.26 and its two-hundred day simple moving average is $26.84. Faraday Future Intelligent Electric has a 52 week low of $1.02 and a 52 week high of $235.50. The company has a quick ratio of 0.36, a current ratio of 0.38 and a debt-to-equity ratio of 87.14.

Faraday Future Intelligent Electric (NASDAQ:FFAI) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($17.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($61.19) by $43.81. Faraday Future Intelligent Electric had a negative return on equity of 2,531.03% and a negative net margin of 21,837.97%. The firm had revenue of $0.84 million for the quarter. Equities analysts anticipate that Faraday Future Intelligent Electric will post -59.21 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Litchfield Hills Research restated a “buy” rating on shares of Faraday Future Intelligent Electric in a report on Thursday, October 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of Faraday Future Intelligent Electric in a research note on Monday, September 21st. Finally, Wall Street Zen upgraded shares of Faraday Future Intelligent Electric from a “sell” rating to a “hold” rating in a research note on Sunday, September 27th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $750.00.

Faraday Future Intelligent Electric Company Profile

Faraday Future Intelligent Electric Inc is an electric-vehicle technology company focused on developing premium, intelligent, and connected electric vehicles. The company combines vehicle engineering with software, artificial intelligence, connectivity, and digital services to create what it describes as a user-centered mobility ecosystem.

Faraday Future’s primary vehicle is the FF 91, a luxury electric vehicle designed with advanced driver-assistance capabilities, connected-vehicle features, and a high-end interior.