Faraday Future Intelligent Electric Inc (FFIE)

[Timing101]

Shorts are in control , until this comes out apparently
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News Article out today .
Faraday Future Intelligent Electric (NASDAQ:FFIE) is gearing up to report fourth-quarter earnings on May 28, 2024. There’s no question that the electric vehicle (EV) producer has surged to impressive heights recently on the back of last week’s meme stock rally. But in one week, investors will learn what the company’s financials really look like. Before the noteworthy short squeeze that lifted FFIE stock last week, Faraday’s future looked questionable, as the struggling penny stock had spent months gradually trending downward and garnering no momentum.




Now, investors will see if the company truly has long-term growth prospects or if its current momentum will run out during the second half of the year.

FFIE Stock Post Earnings
After more than a week of high momentum, FFIE stock is slipping today. As of this writing, it is down 22% for the day amid some volatility. Even after its initial plunge on May 17, the stock is still up more than 132% for the week. Now, it appears that the momentum may be subsiding. But the company’s upcoming earnings report could be exactly what it needs to spark more momentum.

That said, one factor is still casting some dark shadows over the company. Faraday recently delayed filing its 10-Q report, revealing that it would miss the deadline. As InvestorPlace contributor Larry Ramer reports:

“Faraday disclosed that it would not be able to file its 10-Q with the SEC by the deadline. Filed quarterly, 10-Q forms include “unaudited financial statements” and are supposed to provide investors with “a continuing view of the company’s financial position during the year.” The SEC requires publicly traded companies to file these forms.

Faraday stated that it was unable to file the Form 10-Q on time because its annual report, or Form 10-K, had been delayed. However, the EV maker also indicated that it does not believe “results of operations” changed significantly in the first quarter compared to Q1 2023.”