Stock Market

The 5 Biggest Buyers of Faraday Future (FFIE) Stock

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Faraday Future (NASDAQ:FFIE) stock is accelerating higher in timely fashion as the electric vehicle (EV) producer tries to escape delisting from the Nasdaq. It’s not exactly clear what’s behind the surge, as the company has not disclosed any material announcements during the past week. Others have pointed to the meme stock rally in stocks like AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME) as the cause, or a short squeeze.

On April 24, Nasdaq informed Faraday that it had determined to delist its shares from the exchange due to FFIE stock having a closing price of 10 cents or less for 1o consecutive trading days. Last December, FFIE closed at less than $1 per share for 30 consecutive trading days, resulting in Nasdaq providing the company with 180 days, or until June 25, to alleviate the issue. Finally, on April 18, Nasdaq informed Faraday that it was in violation of its policies due to its failure to submit its 2023 Form 10-K, or an annual report, on time.

However, Faraday still has a chance to stay listed on the Nasdaq. The company noted that it intended to submit a hearing request to appeal the delisting determination by May 1, which would allow FFIE to continue trading on the Nasdaq for the next 15 days.

“The Company also intends to request an extended stay of the suspension pending such hearing with Nasdaq’s Hearings Panel,” added Faraday. The results of the appeal are still pending.

The 5 Biggest Buyers of FFIE Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. Today is the deadline for institutional investors to file their Form 13F for the first quarter, which reveals open equity and options positions as of March 31. Let’s take a look at the biggest buyers of FFIE stock based on the filings that have come in so far:

  1. Geode Capital Management added 157,442 shares, bringing its position to 221,207 shares.
  2. Jane Street added 115,803 shares, bringing its position to 291,073 shares.
  3. Two Sigma added 66,882 shares after previously owning zero shares.
  4. ExodusPoint added 63,483 shares after previously owning zero shares.
  5. HRT Financial added 22,665 shares after previously owning zero shares.

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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