Faraday Future is up 4000% in just One Week Span

17 Mei

Faraday Future Intelligent Electric (FFIE) has experienced a significant increase in its stock price, jumping 67% in premarket trading on Friday, following a 479% surge on Thursday. The EV stock is now trading at $1.70, the highest return for any stock listed on the New York Stock Exchange or Nasdaq. The market cap on FFIE is now up to 70M, providing the company some breathing room if it holds. Faraday Future (FFIE) has not issued a press release or SEC filing since the rally began. Google search trends have spiked for the keywords "Faraday Future" and "FFIE" over the last few days, indicating that the short squeeze rally is attracting retail-level interest.

Faraday (FFIE) has also revealed that it will miss the deadline for filing its Form 10-Q with the SEC. The SEC requires publicly traded companies to file these forms, which include "unaudited financial statements" and provide investors with a continuing view of the company's financial position during the year. The EV maker stated that it was unable to file the Form 10-Q on time due to its annual report being delayed.

As of now, FFIE stock is trading at around $1.67 per share, compared to its high of $3 so far today. The massive upturn in FFIE stock does not appear to be based on any change in Faraday's fundamentals.

Technical Outlook
Faraday Future (FFIE) stock is clearly overbought with a Relative Strength Index (RSI) of 97.88 a trend reversal lurks behind the curtain hence, traders ought to be cautious. The 200, 100 and 50-day Moving Averages (MA) superimposed at the charts conduit converging together.