Why Faraday Future Stock Rocketed 50% Today
Shares of California-based electric vehicle (EV) company Faraday Future Intelligent Electric (NASDAQ: FFIE) soared as much as 80% today before the gains faded to 52% as of 3:52 p.m. ET. The stock has experienced a parabolic rise over the past week. It has soared 150% in just the last five trading days.
The problem is that there hasn't been any news out of the company. It remains on pace to begin production of its FF91 electric car in the third quarter of 2022. But its finances are on shaky ground. Faraday Future lost $149 million in the first quarter and only held $276 million in cash as of March 31, 2022. It seems the stock has become the latest meme stock, with retail investors trying to force a short squeeze. As of mid-June, more than 25% of its public float was held short, according to MarketWatch.
Source Fool.com
