Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) Sees Significant Decrease in Short Interest

Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) saw a significant decrease in short interest in the month of August. As of August 14th, there was short interest totaling 722,784 shares, a decrease of 39.0% from the July 30th total of 1,185,152 shares. Currently, 18.8% of the company’s shares are sold short. Based on an average daily trading volume, of 1,212,104 shares, the short-interest ratio is currently 0.6 days.

Faraday Future Intelligent Electric Stock Performance

Shares of FFAI opened at $2.21 on Monday. The company has a current ratio of 0.38, a quick ratio of 0.36 and a debt-to-equity ratio of 87.14. The firm’s fifty day simple moving average is $16.19 and its two-hundred day simple moving average is $41.81. Faraday Future Intelligent Electric has a 12 month low of $2.16 and a 12 month high of $361.50. The stock has a market capitalization of $8.53 million, a P/E ratio of -0.01 and a beta of 5.70.

Faraday Future Intelligent Electric (NASDAQ:FFAI) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($17.38) earnings per share for the quarter, topping the consensus estimate of ($61.19) by $43.81. Faraday Future Intelligent Electric had a negative return on equity of 2,531.03% and a negative net margin of 21,837.97%.The firm had revenue of $0.84 million during the quarter. As a group, analysts predict that Faraday Future Intelligent Electric will post -142.29 EPS for the current year.

Hedge Funds Weigh In On Faraday Future Intelligent Electric

A number of institutional investors and hedge funds have recently modified their holdings of FFAI. Rhumbline Advisers acquired a new stake in shares of Faraday Future Intelligent Electric during the 3rd quarter worth approximately $168,000. JPMorgan Chase & Co. bought a new position in Faraday Future Intelligent Electric during the third quarter worth $48,000. Vanguard Group Inc. bought a new position in Faraday Future Intelligent Electric during the third quarter worth $9,307,000. Intech Investment Management LLC bought a new position in Faraday Future Intelligent Electric during the third quarter worth $66,000. Finally, UBS Group AG acquired a new stake in Faraday Future Intelligent Electric in the third quarter worth $2,391,000. 71.74% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FFAI has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Faraday Future Intelligent Electric in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Faraday Future Intelligent Electric from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Faraday Future Intelligent Electric has an average rating of “Hold” and an average price target of $750.00.

Faraday Future Intelligent Electric Company Profile

Faraday Future Intelligent Electric (NASDAQ:FFAI) is an American electric vehicle (EV) manufacturer focused on the development and production of high-performance intelligent electric vehicles. Leveraging a proprietary modular platform, the company aims to deliver a seamless and connected driving experience by integrating advanced hardware with its in-house software architecture. Faraday Future’s vehicles are designed to offer luxury appointments, customizable digital displays, and autonomous driving capabilities, positioning the company in the premium segment of the EV market.

Since its founding in 2014, Faraday Future has unveiled its flagship FF 91 model, showcasing rapid acceleration, long-range battery performance, and over-the-air software updates.