Faraday Future Intelligent Electric (NASDAQ:FFIE) Stock Price Down 5.1% – Here’s Why

Shares of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) were down 5.1% on Thursday . The company traded as low as $0.5110 and last traded at $0.5161. Approximately 21,538,745 shares were traded during mid-day trading, an increase of 77% from the average daily volume of 12,161,802 shares. The stock had previously closed at $0.5441.

Faraday Future Intelligent Electric Price Performance

The stock has a fifty day moving average of $1.00 and a 200 day moving average of $1.42. The stock has a market cap of $37.65 million, a price-to-earnings ratio of -0.01 and a beta of 4.80. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.32 and a quick ratio of 0.21.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FFIE. Vanguard Personalized Indexing Management LLC acquired a new position in Faraday Future Intelligent Electric in the 2nd quarter worth about $25,000. ProShare Advisors LLC purchased a new stake in shares of Faraday Future Intelligent Electric in the second quarter valued at approximately $26,000. Police & Firemen s Retirement System of New Jersey acquired a new position in shares of Faraday Future Intelligent Electric during the 2nd quarter worth approximately $29,000. Bank of America Corp DE raised its stake 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 buying an additional 28,025 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Faraday Future Intelligent Electric during the 2nd quarter valued at approximately $45,000. 71.74% of the stock is currently owned by institutional investors and hedge funds.

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).