Faraday Future (NASDAQ: FFIE) stock is on the rise as investors speculate about a potential short squeeze for the electric vehicle company. FFIE has a short interest of 36.34 million shares, representing 95.33% of the company’s float, making it a prime target for a short squeeze.
One possible reason for the stock’s increase could be the recent meme stock rally, with shares that were short squeezed in 2021 experiencing a resurgence. Faraday Future’s recent struggles have also contributed to the rise in short interest and could attract meme traders looking to push out shorts, as seen in 2021.
On Tuesday, FFIE stock saw heavy trading volume, with over 445 million shares changing hands compared to the daily average of about 41 million shares. The stock was up 155.8% in morning trading, though it remains down 74% year-to-date.
For more stock market news, investors can stay tuned for updates on Virgin Galactic (NYSE: SPCE), MicroCloud Hologram (NASDAQ: HOLO), and BlackBerry (NYSE: BB) stock.
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