Why Faraday Future Stock Soared as Much as 34% Today
Start-up EV maker Faraday Future Intelligent Electric (NASDAQ: FFIE) hasn't sold a vehicle yet, but the stock has still captured the attention of some investors. That's driven explosive volatility, including a spike in the stock of as much as 34.1% today. As of 2:56 p.m. ET, Faraday Future shares still traded up 22.2%.
Today's jump doesn't much help investors who have owned the stock for the last month, however. Shares are down about 60% in that time, even with today's bounce. And today's jump doesn't necessarily bode well for the future of the stock or the company, either. There was no news released today related to the business, and the company still has a real potential to go bankrupt. The only signal as to what's driving the stock today is the fact that shares are trading hands at quadruple the normal volume. That indicates retail traders are behind today's pop.
Image source: Faraday Future Intelligent Electric.
Source Fool.com
