Why a 30% Rally Fizzled for This Electric Vehicle Stock Today
California-based electric vehicle start-up Faraday Future Intelligent Electric (NASDAQ: FFIE) has had an eventful month of May as a publicly listed company. After being granted an exception by the Nasdaq stock exchange for the filing date of its 2021 third-quarter report, it finally met the new deadline with that Form 10-Q on May 6. It followed that up with its fourth-quarter and annual report on Friday, and investors brought a relief rally to the stock.
Shares of Faraday Future soared more than 33% early Monday, but that rally mostly faded. As of 3:02 p.m. ET, the stock was still up 4.5% for the session, however.
Though shares are down 43% in the past month, the stock has risen 12% since the company met its third-quarter filing deadline. That included a jump late last week when it told investors it was on track to launch its first electric vehicle in the third quarter of 2022. But the rally faded as investors likely turned their focus onto the business itself, and the challenges related to a new manufacturing start-up.
Source Fool.com
