Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) Sees Significant Increase in Short Interest

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 7,400,000 shares, a growth of 53.5% from the October 31st total of 4,820,000 shares. Based on an average daily volume of 8,040,000 shares, the days-to-cover ratio is currently 0.9 days. Currently, 17.9% of the shares of the stock are short sold.

Faraday Future Intelligent Electric Stock Performance

FFIE stock traded down $0.13 on Friday, hitting $1.10. 9,127,040 shares of the company’s stock traded hands, compared to its average volume of 6,082,280. The company has a quick ratio of 0.21, a current ratio of 0.32 and a debt-to-equity ratio of 0.20. Faraday Future Intelligent Electric has a 1-year low of $0.99 and a 1-year high of $156.00. The stock has a fifty day moving average of $2.07 and a 200-day moving average of $11.60.

Institutional Investors Weigh In On Faraday Future Intelligent Electric

A number of institutional investors and hedge funds have recently modified their holdings of FFIE. Victory Capital Management Inc. lifted its stake in Faraday Future Intelligent Electric by 10.6% during the third quarter. Victory Capital Management Inc. now owns 62,638 shares of the company’s stock valued at $180,000 after buying an additional 5,983 shares in the last quarter. Wealthspire Advisors LLC acquired a new stake in shares of Faraday Future Intelligent Electric during the second quarter valued at approximately $25,000. Marathon Trading Investment Management LLC purchased a new stake in shares of Faraday Future Intelligent Electric in the 2nd quarter valued at approximately $102,000. Busey Bank acquired a new position in Faraday Future Intelligent Electric in the 2nd quarter worth approximately $252,000. Finally, SG Americas Securities LLC purchased a new position in Faraday Future Intelligent Electric during the 2nd quarter worth approximately $420,000. Institutional investors and hedge funds own 71.74% of the company’s stock.

About Faraday Future Intelligent Electric

Faraday Future Intelligent Electric Inc engages in the design, development, manufacture, engineering, sale, and distribution of electric vehicles and related products in the United States. The company was incorporated in 2014 and is headquartered in Los Angeles, California.