Insider Selling: Faraday Future Intelligent Electric (NASDAQ:FFAI) Chairman Sells 4,957 Shares

Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI) Chairman Jiawei Wang sold 4,957 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $2.79, for a total transaction of $13,830.03. Following the completion of the sale, the chairman owned 8,219 shares of the company’s stock, valued at $22,931.01. This trade represents a 37.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Faraday Future Intelligent Electric Price Performance

Shares of NASDAQ:FFAI traded down $0.17 during midday trading on Wednesday, hitting $2.60. The company’s stock had a trading volume of 969,883 shares, compared to its average volume of 1,656,099. The company has a market cap of $10.04 million, a P/E ratio of -0.01 and a beta of 5.70. Faraday Future Intelligent Electric Inc. has a 12-month low of $2.58 and a 12-month high of $375.00. The business’s 50 day simple moving average is $17.83 and its 200 day simple moving average is $43.38. The company has a debt-to-equity ratio of 87.14, a quick ratio of 0.36 and a current ratio of 0.38.

Faraday Future Intelligent Electric (NASDAQ:FFAI) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($17.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($61.19) by $43.81. The company had revenue of $0.84 million during the quarter. Faraday Future Intelligent Electric had a negative net margin of 21,837.97% and a negative return on equity of 2,531.03%. On average, analysts forecast that Faraday Future Intelligent Electric Inc. will post -142.29 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FFAI. Vanguard Group Inc. purchased a new stake in shares of Faraday Future Intelligent Electric in the third quarter valued at about $9,307,000. Geode Capital Management LLC raised its stake in Faraday Future Intelligent Electric by 57.2% during the fourth quarter. Geode Capital Management LLC now owns 3,452,855 shares of the company’s stock worth $3,522,000 after purchasing an additional 1,255,899 shares during the period. Millennium Management LLC acquired a new position in Faraday Future Intelligent Electric in the 3rd quarter valued at about $3,661,000. State Street Corp boosted its holdings in Faraday Future Intelligent Electric by 28.5% in the 4th quarter. State Street Corp now owns 2,172,408 shares of the company’s stock valued at $2,216,000 after purchasing an additional 482,371 shares during the last quarter. Finally, UBS Group AG acquired a new position in Faraday Future Intelligent Electric in the 3rd quarter valued at about $2,391,000. Institutional investors and hedge funds own 71.74% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on FFAI shares. Wall Street Zen upgraded Faraday Future Intelligent Electric from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Faraday Future Intelligent Electric in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Faraday Future Intelligent Electric presently has a consensus rating of “Hold” and an average target price of $750.00.

About Faraday Future Intelligent Electric

Faraday Future Intelligent Electric (NASDAQ:FFAI) is an American electric vehicle (EV) manufacturer focused on the development and production of high-performance intelligent electric vehicles. Leveraging a proprietary modular platform, the company aims to deliver a seamless and connected driving experience by integrating advanced hardware with its in-house software architecture. Faraday Future’s vehicles are designed to offer luxury appointments, customizable digital displays, and autonomous driving capabilities, positioning the company in the premium segment of the EV market.

Since its founding in 2014, Faraday Future has unveiled its flagship FF 91 model, showcasing rapid acceleration, long-range battery performance, and over-the-air software updates.