Faraday Future Intelligent Electric (NASDAQ:FFIE) Shares Gap Down – Here’s Why

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE)’s share price gapped down before the market opened on Friday . The stock had previously closed at $2.75, but opened at $2.64. Faraday Future Intelligent Electric shares last traded at $2.50, with a volume of 2,348,879 shares changing hands.

Faraday Future Intelligent Electric Price Performance

The company has a quick ratio of 0.15, a current ratio of 0.26 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average price is $4.85 and its 200 day moving average price is $11.87. The stock has a market cap of $1.10 billion, a PE ratio of -0.02 and a beta of 5.61.

Faraday Future Intelligent Electric (NASDAQ:FFIE) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($5.20) EPS for the quarter. The company had revenue of $0.29 million for the quarter. Faraday Future Intelligent Electric had a negative net margin of 29,540.78% and a negative return on equity of 117.46%.

Hedge Funds Weigh In On Faraday Future Intelligent Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. purchased a new stake in shares of Faraday Future Intelligent Electric during the 2nd quarter worth approximately $29,000. Marathon Trading Investment Management LLC bought a new position in Faraday Future Intelligent Electric during the second quarter valued at $102,000. Wealthspire Advisors LLC purchased a new position in shares of Faraday Future Intelligent Electric in the 2nd quarter worth $25,000. SG Americas Securities LLC bought a new stake in shares of Faraday Future Intelligent Electric in the 2nd quarter worth about $420,000. Finally, Busey Bank purchased a new stake in shares of Faraday Future Intelligent Electric during the 2nd quarter valued at about $252,000. 71.74% of the stock is owned by institutional investors.

Faraday Future Intelligent Electric Company Profile

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.