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

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) dropped 10% during trading on Thursday . The company traded as low as $0.3342 and last traded at $0.3420. Approximately 12,438,457 shares traded hands during 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 company has a current ratio of 0.32, a quick ratio of 0.21 and a debt-to-equity ratio of 0.20. The firm has a market cap of $24.95 million, a price-to-earnings ratio of -0.01 and a beta of 4.80. The stock has a fifty day moving average price of $0.33 and a 200 day moving average price of $0.69.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted its stake in 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 purchasing an additional 28,025 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Faraday Future Intelligent Electric during the 2nd quarter valued at approximately $45,000. JPMorgan Chase & Co. boosted its stake in 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 valued at $61,000 after purchasing an additional 42,061 shares during the period. Invesco Ltd. bought a new stake in Faraday Future Intelligent Electric during the 2nd quarter valued at approximately $65,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Faraday Future Intelligent Electric during the 2nd quarter valued at approximately $71,000. Institutional investors and hedge funds 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).