Faraday Future Intelligent Electric (NASDAQ:FFAI) Shares Down 6.4% - Here's What Happened

Key Points

• Faraday Future Intelligent Electric Inc. shares dropped by 6.4%, trading as low as $2.27, with a significant decline in trading volume compared to the average.
• The company reported a quarterly loss of ($0.47) earnings per share alongside minimal revenue of $0.05 million, highlighting severe financial challenges.
• Despite the drop, Wall Street Zen upgraded the stock from a "sell" to a "hold" rating, suggesting a moderate change in market outlook.

Faraday Future Intelligent Electric Inc. (NASDAQ:FFAI - Get Free Report)'s stock price fell 6.4% during mid-day trading on Wednesday . The company traded as low as $2.27 and last traded at $2.33. 12,839,896 shares traded hands during trading, a decline of 35% from the average session volume of 19,882,962 shares. The stock had previously closed at $2.49.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded Faraday Future Intelligent Electric from a "hold" rating to a "sell" rating in a report on Friday.

Faraday Future Intelligent Electric Stock Performance

The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.24 and a current ratio of 0.34. The business's 50 day simple moving average is $2.14.

Faraday Future Intelligent Electric (NASDAQ:FFAI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 19th. The company reported ($0.47) EPS for the quarter. The company had revenue of $0.05 million during the quarter. Faraday Future Intelligent Electric had a negative return on equity of 187.07% and a negative net margin of 54,380.62%.

Faraday Future Intelligent Electric Company Profile

Faraday Future Intelligent Electric Inc engages in the design, development, manufacture, engineering, sale, and distribution of electric vehicles and related products in the United States and internationally. The company was founded in 2014 and is headquartered in Gardena, California.