Faraday Future Intelligent Electric (NASDAQ:FFIE) Stock Price Down 10% – Here’s Why

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) shares were down 10% during mid-day trading on Thursday . The company traded as low as $0.3342 and last traded at $0.3420. Approximately 12,438,457 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 12,161,802 shares. The stock had previously closed at $0.38.

Faraday Future Intelligent Electric Stock Performance

The firm has a market capitalization of $22.06 million, a price-to-earnings ratio of -0.01 and a beta of 4.80. The company has a current ratio of 0.32, a quick ratio of 0.21 and a debt-to-equity ratio of 0.20. The stock has a fifty day moving average price of $0.33 and a 200-day moving average price of $0.68.

Institutional Investors Weigh In On Faraday Future Intelligent Electric

Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE increased its position in shares of Faraday Future Intelligent Electric by 4,848.6% during the 2nd quarter. Bank of America Corp DE now owns 28,603 shares of the company’s stock worth $41,000 after purchasing an additional 28,025 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Faraday Future Intelligent Electric during the 2nd quarter worth about $45,000. JPMorgan Chase & Co. increased its position in shares of Faraday Future Intelligent Electric by 4,206,100.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 42,062 shares of the company’s stock worth $61,000 after purchasing an additional 42,061 shares in the last quarter. Invesco Ltd. acquired a new stake in shares of Faraday Future Intelligent Electric during the 2nd quarter worth about $65,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Faraday Future Intelligent Electric during the 2nd quarter worth about $71,000. Institutional investors and hedge funds own 71.74% of the company’s stock.

Faraday Future Intelligent Electric Company Profile

Faraday Future Intelligent Electric Inc (NASDAQ:FFIE) is an American mobility technology company specializing in the design, development and manufacture of premium electric vehicles. Founded in 2014 and based in Los Angeles, California, Faraday Future focuses on next‐generation automotive solutions that integrate high‐performance powertrains with advanced connectivity and energy-management systems.

The company’s flagship vehicle, the FF 91, is a luxury all‐electric SUV built on its proprietary Variable Platform Architecture (VPA).