Why Shares of Faraday Future Fell Today
After climbing sharply on Monday, shares of Faraday Future (NASDAQ: FFIE) have been on a downtrend, and they fell further out of favor with investors Thursday. During a session when the S&P 500 tumbled by 2.1%, shares of the electric vehicle start-up fared much worse, ending the day 14.8% lower.
While the usual suspects -- negative company news, an analyst's downgrade, insider selling, etc. -- were not in play, it seems that some investors were taking profits while others were recoiling from the stock due to the overall market weakness.
On Monday, shares of Faraday Future raced higher as investors celebrated the company's announcement that it had locked in some much-needed financing. The $100 million that Faraday Future secured -- in two separate arrangements -- will help the company as it advances the development of the FF 91, which will be its first production vehicle.
Source Fool.com
