Faraday Future is up 4000% in just One Week SpanFaraday Future Intelligent Electric ( NASDAQ: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 NASDAQ:FFIE is now up to $70M, providing the company some breathing room if it holds. Faraday Future ( NASDAQ: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 " NASDAQ:FFIE " over the last few days, indicating that the short squeeze rally is attracting retail-level interest.
Faraday ( NASDAQ: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, NASDAQ:FFIE stock is trading at around $1.67 per share, compared to its high of $3 so far today. The massive upturn in NASDAQ:FFIE stock does not appear to be based on any change in Faraday's fundamentals.
Technical Outlook
Faraday Future ( NASDAQ: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.
