BlackRock Fund Advisors recently announced the acquisition of new stake in Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE). The institutional investor has increased its shareholding in the Consumer Cyclical company by 8.45% to 7.54 million shares with purchase of 0.59 million shares. This fresh investment now brings its stake to 1.92% valued currently at $4.07 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.07 million to 6.76 million shares. And SSgA Funds Management, Inc. has lifted its position by 15.37% or 0.57 million shares – to 4.3 million shares.
With over 30.69 million Faraday Future Intelligent Electric Inc. (FFIE) shares trading Monday and a closing price of $0.34 on the day, the dollar volume was approximately $10.43 million. The shares have shown a negative half year performance of -87.11% and its price on 11/21/22 lost nearly -6.79%. Currently, there are 322.72M common shares owned by the public and among those 184.55M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for FFIE have a consensus price objective of $10.00. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $10.00. But an upside of 96.6% will see the stock hit the forecast high price target while median target price for the stock is $10.00.
Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.
The top 3 mutual fund holders in Faraday Future Intelligent Electric Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 3.8 million shares of the company’s stock, all valued at over $2.05 million. iShares Russell 2000 ETF sold 54142.0 shares to see its total holdings shrink to 2.92 million shares valued at over $1.57 million and representing 0.74% of the shares outstanding. Vanguard Extended Market Index Fu sold -0.31 million shares to bring its total holdings to over 1.86 million shares at a value of $1.0 million. Vanguard Extended Market Index Fu now owns shares totaling to 0.47% of the shares outstanding.
Shares of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) opened at $0.365, down -$0.01 from a prior closing price of $0.37. However, the script later moved the day high at 0.3680, down -6.79%. The company’s stock has a 5-day price change of -39.76% and -80.56% over the past three months. FFIE shares are trading -93.61% year to date (YTD), with the 12-month market performance down to -95.68% lower. It has a 12-month low price of $0.36 and touched a high of $8.30 over the same period. FFIE has an average intraday trading volume of 26.87 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -37.55%, -47.75%, and -87.92% respectively.
Institutional ownership of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) shares accounts for 14.70% of the company’s 322.72M shares outstanding. Mutual fund holders own 4.24%, while other institutional holders and individual stakeholders account for 7.70% and 17.30% respectively.
It has a market capitalization of $152.58M. The earnings-per-share (ttm) stands at -$2.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 18.04% over the week and 15.81% over the month.
Analysts forecast that Faraday Future Intelligent Electric Inc. (FFIE) will achieve an EPS of -$0.37 for the current quarter, -$0.35 for the next quarter and -$1.3 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.37 while analysts give the company a high EPS estimate of -$0.37. Comparatively, EPS for the current quarter was -$0.77 a year ago. Earnings per share for the fiscal year are expected to decrease by -276.80%, and 20.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate Faraday Future Intelligent Electric Inc. (FFIE) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 1 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Wedbush coverage for the Faraday Future Intelligent Electric Inc. (FFIE) stock in a research note released on November 16, 2021 offered a Neutral rating with a price target of $10.