Wedbush slashes price target on Faraday Future Intelligent Electric Inc. [FFIE] – find out why.


Faraday Future Intelligent Electric Inc. [NASDAQ: FFIE] closed the trading session at $4.31 on 03/16/22. The day’s price range saw the stock hit a low of $4.10, while the highest price level was $4.5293. The company report on March 15, 2022 that Faraday Future Receives Nasdaq Acceptance of Plan to Regain Listing Compliance.

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Faraday Future Intelligent Electric Inc. (“FF” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, today announced that the Nasdaq Stock Market LLC (“Nasdaq”) has accepted the Company’s plan to regain compliance with Nasdaq Listing Rule 5250(c)(1), which permits the continued listing of FF common stock and warrants on the Nasdaq Global Select Market. Nasdaq has granted the Company an extension until May 6, 2022 to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 (the “Q3 Form 10-Q”). The extension also covers the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “Form 10-K”).

As previously disclosed, the Company received a letter from the Listing Qualifications Department of Nasdaq on November 17, 2021 stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Q3 Form 10-Q with the U.S. Securities and Exchange Commission (the “SEC”). The delay in filing the Q3 Form 10-Q was due to the previously announced investigation into allegations of inaccurate disclosures by a special committee of independent FF directors (the “Special Committee”). On February 1, 2022, the Company announced the completion of the Special Committee investigation. Since then, the Company has been continuing to implement the remedial actions approved by the Special Committee and undertaking additional investigative and remedial work based on the results of the Special Committee investigation under the direction of the Executive Chairperson and reporting to the Audit Committee of the FF board of directors, in each case as described in the Company’s Current Report on Form 8-K filed with the SEC on February 1, 2022.

The stocks have a year to date performance of -18.98 percent and weekly performance of -23.31 percent. The stock has been moved at -53.46 percent over the last six months. The stock has performed 1.41 percent around the most recent 30 days and changed -13.63 percent over the most recent 3-months.

If compared to the average trading volume of 1.64M shares, FFIE reached to a volume of 4654239 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Faraday Future Intelligent Electric Inc. [FFIE]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for FFIE shares is $13.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on FFIE stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wedbush have made an estimate for Faraday Future Intelligent Electric Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on November 16, 2021. While these analysts kept the previous recommendation, Wedbush raised their target price to Outperform. The new note on the price target was released on August 17, 2021, representing the official price target for Faraday Future Intelligent Electric Inc. stock.

The Average True Range (ATR) for Faraday Future Intelligent Electric Inc. is set at 0.61 The Price to Book ratio for the last quarter was 0.15, with the Price to Cash per share for the same quarter was set at 0.00.

FFIE stock trade performance evaluation

Faraday Future Intelligent Electric Inc. [FFIE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -23.31. With this latest performance, FFIE shares gained by 1.41% in over the last four-week period, additionally sinking by -53.46% over the last 6 months – not to mention a drop of -67.20% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for FFIE stock in for the last two-week period is set at 43.31, with the RSI for the last a single of trading hit 40.54, and the three-weeks RSI is set at 44.52 for Faraday Future Intelligent Electric Inc. [FFIE]. The present Moving Average for the last 50 days of trading for this stock 4.89, while it was recorded at 4.71 for the last single week of trading, and 8.70 for the last 200 days.

Faraday Future Intelligent Electric Inc. [FFIE]: An insightful look at the core fundamentals

Faraday Future Intelligent Electric Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

Faraday Future Intelligent Electric Inc. [FFIE]: Insider Ownership positions

There are presently around $200 million, or 16.60% of FFIE stock, in the hands of institutional investors. The top three institutional holders of FFIE stocks are: ANATOLE INVESTMENT MANAGEMENT LTD with ownership of 6,000,000, which is approximately 0% of the company’s market cap and around 46.08% of the total institutional ownership; VANGUARD GROUP INC, holding 3,482,892 shares of the stock with an approximate value of $14.07 million in FFIE stocks shares; and BFAM PARTNERS (CAYMAN) LTD, currently with $12.12 million in FFIE stock with ownership of nearly 0% of the company’s market capitalization.

Positions in Faraday Future Intelligent Electric Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 54 institutional holders increased their position in Faraday Future Intelligent Electric Inc. [NASDAQ:FFIE] by around 11,268,106 shares. Additionally, 14 investors decreased positions by around 1,946,911 shares, while 24 investors held positions by with 36,233,406 shares. The mentioned changes placed institutional holdings at 49,448,423 shares, according to the latest SEC report filing. FFIE stock had 36 new institutional investments in for a total of 8,980,203 shares, while 5 institutional investors sold positions of 677,372 shares during the same period.