Faraday Future Intelligent Electric (NASDAQ:FFIE) Shares Down 6.1% – Here’s What Happened

Shares of Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) dropped 6.1% during mid-day trading on Friday . The stock traded as low as $0.3350 and last traded at $0.3461. Approximately 17,254,061 shares changed hands during trading, an increase of 42% from the average daily volume of 12,161,802 shares. The stock had previously closed at $0.3687.

Faraday Future Intelligent Electric Price Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 0.32 and a quick ratio of 0.21. The firm has a market cap of $25.25 million, a price-to-earnings ratio of -0.01 and a beta of 4.80. The stock has a 50-day moving average price of $0.80 and a 200 day moving average price of $1.19.

Institutional Investors Weigh In On Faraday Future Intelligent Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Faraday Future Intelligent Electric by 191.8% in the second quarter. Geode Capital Management LLC now owns 2,117,275 shares of the company’s stock valued at $3,070,000 after acquiring an additional 1,391,789 shares during the period. Rhumbline Advisers acquired a new position in shares of Faraday Future Intelligent Electric in the 2nd quarter valued at $192,000. Wealthspire Advisors LLC raised its position in Faraday Future Intelligent Electric by 204.4% in the 2nd quarter. Wealthspire Advisors LLC now owns 104,250 shares of the company’s stock valued at $151,000 after purchasing an additional 70,000 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in Faraday Future Intelligent Electric in the 2nd quarter valued at $113,000. Finally, Headlands Technologies LLC acquired a new stake in Faraday Future Intelligent Electric during the 2nd quarter worth $124,000. 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).