Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE – Get Rating) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 29,540,000 shares, a growth of 37.5% from the August 31st total of 21,490,000 shares. Approximately 20.4% of the company's shares are sold short. Based on an average daily volume of 24,160,000 shares, the days-to-cover ratio is currently 1.2 days.
Analysts Set New Price Targets
Separately, Benchmark downgraded Faraday Future Intelligent Electric from a "buy" rating to a "hold" rating in a report on Tuesday, August 16th.
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Institutional Investors Weigh In On Faraday Future Intelligent Electric
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. purchased a new position in shares of Faraday Future Intelligent Electric during the second quarter worth approximately $27,000. ProShare Advisors LLC bought a new position in Faraday Future Intelligent Electric in the second quarter worth approximately $29,000. MQS Management LLC purchased a new position in Faraday Future Intelligent Electric during the 2nd quarter worth $34,000. Point72 Hong Kong Ltd bought a new stake in Faraday Future Intelligent Electric during the 2nd quarter valued at $44,000. Finally, Ovata Capital Management Ltd bought a new stake in Faraday Future Intelligent Electric during the 1st quarter valued at $54,000.
Faraday Future Intelligent Electric Stock Performance
Shares of FFIE traded down $0.07 during trading hours on Friday, reaching $0.64. 28,411,666 shares of the company traded hands, compared to its average volume of 36,255,836. The stock's fifty day moving average price is $1.62 and its 200 day moving average price is $2.99. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.03. Faraday Future Intelligent Electric has a 12-month low of $0.63 and a 12-month high of $9.71.
Faraday Future Intelligent Electric Company Profile
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Faraday Future Intelligent Electric Inc engages in the design, development, manufacture, engineering, sale, and distribution of electric vehicles and related products in the United States and internationally. The company was incorporated in 2014 and is headquartered in Gardena, California.
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