Faraday Future Intelligent Electric (NASDAQ:FFIE) Shares Down 6.5% – Here’s What Happened

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) dropped 6.5% during mid-day trading on Friday . The stock traded as low as $0.2260 and last traded at $0.2373. Approximately 17,797,061 shares traded hands during mid-day trading, an increase of 46% from the average session volume of 12,161,802 shares. The stock had previously closed at $0.2539.

Faraday Future Intelligent Electric Stock Performance

The stock has a market capitalization of $17.31 million, a P/E ratio of -0.01 and a beta of 4.80. The company’s fifty day simple moving average is $0.34 and its 200 day simple moving average is $0.60. The company has a current ratio of 0.32, a quick ratio of 0.21 and a debt-to-equity ratio of 0.20.

Institutional Trading of Faraday Future Intelligent Electric

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE boosted 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 valued at $41,000 after acquiring an additional 28,025 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Faraday Future Intelligent Electric in the second quarter valued at approximately $45,000. JPMorgan Chase & Co. raised its stake in Faraday Future Intelligent Electric by 4,206,100.0% in the second quarter. JPMorgan Chase & Co. now owns 42,062 shares of the company’s stock valued at $61,000 after purchasing an additional 42,061 shares in the last quarter. Invesco Ltd. bought a new stake in Faraday Future Intelligent Electric during the second quarter valued at approximately $65,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Faraday Future Intelligent Electric in the 2nd quarter worth approximately $71,000. Hedge funds and other institutional investors own 71.74% of the company’s stock.

About Faraday Future Intelligent Electric

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).