Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) Stock Short Interest Rises 147.6%

Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) was the recipient of a large 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. Currently, 69.2% of the shares of the stock are short sold. Based on an average daily volume of 6,361,681 shares, the short-interest ratio is currently 0.4 days.

Faraday Future Intelligent Electric Price Performance

FFAI stock opened at $1.08 on Thursday. The company’s 50 day moving average is $2.18 and its 200 day moving average is $26.57. The company has a debt-to-equity ratio of 87.14, a quick ratio of 0.36 and a current ratio of 0.38. Faraday Future Intelligent Electric has a 1-year low of $1.02 and a 1-year high of $235.50.

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

Analyst Upgrades and Downgrades

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

Institutional Trading of Faraday Future Intelligent Electric

A number of hedge funds have recently made changes to their positions in the stock. Kaufman Rossin Wealth LLC purchased a new position in Faraday Future Intelligent Electric in the first quarter worth $43,000. Abel Hall LLC purchased a new stake in Faraday Future Intelligent Electric during the first quarter valued at about $42,000. Caitong International Asset Management Co. Ltd raised 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 purchasing an additional 144,395 shares in the last quarter. Aristides Capital LLC purchased a new stake in Faraday Future Intelligent Electric during the fourth quarter valued at about $100,000. Finally, Bank of America Corp DE lifted its stake in Faraday Future Intelligent Electric by 64.2% during the first quarter. Bank of America Corp DE now owns 159,807 shares of the company’s stock worth $44,000 after purchasing an additional 62,510 shares during the last quarter. 71.74% of the stock is owned by institutional investors.

About Faraday Future Intelligent Electric

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.