Faraday Future Shares Flying Sending 0DTE Options Higher
$Faraday Future Intelligent Electric Inc. (FFIE.US)$, a firm attempting to build and sell ultraluxury EVs, saw its stock climb more than 7,000% in the past week after investors jumped into heavily shorted stocks.
On Friday, 0DTE options for FFIE pulled in enough volume to bring the stock to the top seven equities in the entire market by options volume. According to Barron's and FactSet, the firm's stock this week was one of the most shorted on the market, with 80-99% of shares dedicated to shorting.
On Friday, the firm saw 593k options contracts change hands, after more than 700k traded Thursday.
The firm has delivered only 91 EV vehicles so far, its stock price is down about 99% from it's height of $4,598.40 on Feb. 1, 2021, according to Dow Jones Market Data. The firm was informed by the Nasdaq April 24th it would be removed from listing. Generally, stocks on the Nasdaq have to maintain a price above 1C for 30 days to remain on the listing.
It did not stop meme stock inspired investors from trading more than 700 million shares of the stock Friday according to moomoo data.
One options contract, the $1.5 Call expiring Friday saw a volume of 35k and open interest of 50k, and saw a bid price climb 268% Friday.
Since May 14th, the price of the contract has shot up 16,200%. The firms Put:Call ratio, a ratio of open interest puts compared to calls, was 61:39. According to 11 bearish signals tracked by moomoo, the stock appears to have a bearish sentiment.
Mooers: What options are you watching Friday?
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Bird007 : Xiaobian got the NASDAQ delisting criteria wrong! It's not less than $1 for 30 days, not $10! Also, there are many other major mistakes. Do you dare to post?
Kevin TraversOP Bird007: Xiaobian is not nice, but looks like Nasdaq delisting is less than $1 for 10 days. Any other major mistakes you can point out for me to fix?
Bird007 : I'm very busy right now, so take some time to check it out yourself while you're on the way.
Kevin TraversOP Bird007: Busy calling people piss?
Kevin TraversOP Bird007: Oh I was wrong again! Stocks need to remain above 1c for 30 days, but AFTERWARDS they are given a 180 day period where their minimum bid must remain above $1 for ten days