After skyrocketing to truly astounding heights during last week’s meme stock rally, Faraday Future Intelligent Electric ( FFIE ) stock seems to be running out of momentum. The electric vehicle (EV) producer went from a little-known penny stock that many investors ignored to being the talk of Wall Street. Over the past month, FFIE has surged more than 2,000%, beating the meme stock slump that quickly overtook some of its larger and more popular peers.
But now shares are falling again, and data reveals that the short sellers appear to be closing in. Clearly the sentiment forward FFIE stock is that its growth isn’t likely to continue. What’s Happening With FFIE Stock FFIE stock is still in the green for the week.
Yet it’s difficult to ignore the fact that shares have been trending downward all day despite a failed attempt at a rally. As of this writing, they are down 24% for the day, hovering at just over $1 per share. While that’s a substantial improvement over the $0.
050 it traded at on May 1, its decline is still concerning. Now, data from Fintel suggests that short interest in FFIE stock is surging. More than 95% of the stock’s float is being sold short, and the sellers have just 0.
07 days to cover their positions. The cost to borrow FFIE shares is also rising. As of this writing, it is at $13.
42, up from yesterday’s cost of $10.95. That certainly makes sense, given how high short interest in FFIE stock is.
As The Street reports : A Prime Short Squeeze Target W.
