To The Moon

🌟🌟🌟There is never a dull moment with Faraday Future.  On Friday,$Faraday Future Intelligent Electric Inc.(FFIE)$  jumped almost 7% in mid day trading.  However Faraday Future closed 0.52 cents, just up 1.2%  at the end of the trading day.  In the past 5 days, Faraday has dropped 19%.

What is happening with Faraday Future?

On June 13, Faraday Future delivered its latest FF91 2.0 EV to prominent retail investor Jun He.   This marks the start of delivery after a 4 month break.    Faraday Future's latest FF91 EV features the latest upgrade.  This includes an industry first in car aggregated sports streaming, financial news browsing and stock quotes.  It brings a home living room experience into the FF91 EV.  The Faraday FF91 utilises the first major over the air upgrades which comprises 752 new additions and 846 improvements.  These technology upgrades showcase a breakthrough in the FF91's user experience while further reflecting the industry trend of "All AI, All Hyper, All Ability".

MCF Advisors LLC, a hedge fund recently raised its stake in Faraday Future by 13,329% during the 4th quarter.  This is according to Faraday Future 's most recent disclosure with the SEC.  The fund owned 503,750 shares of Faraday Future' s stock after purchasing an additional 499,999 shares during the quarter.  MCF Advisors now owns about 0.40% of Faraday Future stock worth USD 116,000 as of its most recent filing with SEC.  Institutional investors and hedge funds now own 71% of Faraday Future 's stock.

However Faraday Future' s woes are not over.  It still faces possible delisting by Nasdaq as its stock was trading below USD 1 per share for 30 consecutive days.   It has also failed to file its annual report in a timely manner.  It has yet to file its Q1 24 earnings report. 

Faraday Future was lucky as meme stock trading frenzy kicked in and bumped up its shares to well over USD 3 in recent times.  Roaring Kitty aka Keith Gill played a key role in reviving meme stock trading mania. Its share price stayed over a dollar for a week.  This may have delayed any delisting action while Faraday Future filed an appeal. 

Faraday Future has revealed that it has less than USD 2 million in cash when it filed its delayed Q423 and full year report.  It also has USD 2.1 million in restricted cash but that it is held in reserve for specific purposes and cannot be used for ordinary business use. 

With the current intense competition among EV companies, it is a tough time for Faraday Future.  It has only sold 12 EVs and at over USD 300,000 per vehicle, only the ultra rich can afford it. 

Is it time to buy Faraday Future or run for the hills?

My personal inclination is to run for the hills. However for traders who love the thrill of trading meme stocks, Faraday Future represents an exciting opportunity to make a fast buck.   In trading there is no right or wrong, just depends on your risk appetite. 

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