Just two months ago, $Faraday Future Intelligent Electric Inc.(FFIE)$ surged 30% after it officially delivered its second vehicle to user. However, the company lost 40% after its peak in September and is trading below $1 now.
$Spectaire Holdings(SPEC)$ , an industrial technology company specializing in emissions monitoring and reduction, completed a business combination with Perception Capital Corp. II (SPAC) on 20th Oct. Its shares lost about 100% since then.
$Novavax(NVAX)$ reported revenue of $187 million for Q3 2023 this week, a significant decrease from $735 million in the same period in 2022.
$SBIO-key International, Inc.(BKYI)$, a leading provider of biometric authentication and security solutions, has risen 10% after it has been granted a remarkable $800K follow-on order. But the stock still trades under 2 cents now.
$Ebix(EBIX)$, on-demand infrastructure software exchanges and e-commerce services provider, lost about 170% after last earnings in August.
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Comments
FFIE has been one of the most volatile penny stocks in the electric vehicle startup space. Like most early-stage EV companies these days, Faraday Future has been burning through cash at an alarming rate with little revenue to show for it.
However, unlike many of its peers, Faraday Future does not have nearly enough liquidity to cover its losses. As a result, the company has had to rely heavily on dilutive measures just to keep the lights on. In my view, Faraday Future lacks a clear path to profitability. The business is burning through its dwindling cash pile with no meaningful revenue in sight. Massive dilution has already destroyed shareholder value.
Of course, short-term price spikes are likely, due to the low market cap that traders can take advantage of. Therefore, as the inflation issue finally calms down and the market is in a very positive sentiment right now, I believe a short term strong rebound in meme stocks is highly possible $Faraday Future Intelligent Electric Inc.(FFIE)$
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🌟🌟🌟Meme Stocks are high risk high reward kind of stocks. They are frothy like champagne bubbles but once they popped they go downhill.
Faraday Futures is a good example of meme stocks. On a day when everything is green, Faraday share price fell 5.4%. In August this year Faraday went into reverse stock split of 1 for 80 as it has to meet Nasdaq requirement of USD 1 per share. But at the last closing price of 83 cents per share, Faraday is now below that USD 1 mark.
Faraday's share price is down 96% year todate. It is going to be a uphill climb for Faraday's new CEO Matthias Aydt to reverse the downward trend of the stock. He is trying to cut cost and boost sales. Let's hope he succeeds otherwise a bankruptcy is looming ahead.
However the markets are up today on news that inflation is falling better than expectations. Investors are cheering on the possibility that the Feds may cut interest rates sooner than later. That will bring hope to meme stocks like Faraday as a well as $AMC Entertainment(AMC)$
$Roblox Corporation(RBLX)$
$Grab Holdings(GRAB)$
$Sea Ltd(SE)$
and $NIO Inc.(NIO)$
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Just two months ago, $Faraday Future Intelligent Electric Inc.(FFIE)$ surged 30% after it officially delivered its second vehicle to user. However, the company lost 40% after its peak in September and is trading below $1 now.
$Novavax(NVAX)$ reported revenue of $187 million for Q3 2023 this week, a significant decrease from $735 million in the same period in 2022.