Faraday Future (NASDAQ:FFIE) stock is up on Wednesday as the electric vehicle (EV) company’s shares continue to soar alongside the Roaring Kitty meme rally.
Investors will note that this action could be the result of a short squeeze of FFIE shares. We saw the potential for this yesterday, with more than 1.5 billion units changing hands. For comparison, the company’s daily average trading volume is about 65.6 million shares.
Adding to this is the short interest of 36,342,623 shares for FFIE stock. That’s worth pointing out as it represents 95.33% of the EV company’s float. This is another strong indicator that a short squeeze is underway.
The high short interest in FFIE shares comes as Faraday Future has been struggling lately. This same activity may be what’s drawing meme traders to the stock in an effort to push the shorts out.
What’s Behind the FFIE Stock Short Squeeze?
Faraday Future has joined a growing list of meme stocks caught up in the Roaring Kitty rally. Roaring Kitty is the trader who started the meme stock rally in 2021. He recently returned to social media after a three-year hiatus.
With the return of Roaring Kitty comes an encore of 2021’s stock market. That saw many traders working together to squeeze shorts out of stocks throughout the year, and this seems to be happening again in 2024.
FFIE stock is up 109.5% as of Wednesday morning, with more than 112 million shares traded.
There are even more stock market stories traders will want to read about below!
We have all of the hottest stock market news ready to go on Wednesday! That includes the biggest pre-market stock movers this morning, the latest news concerning Cinemark (NYSE:CNK) stock and more. All of this info is ready at the following links!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- When the Dust Settles, Cinemark Will Be a Better Bet Than AMC Stock
- Stock Market Crash Alert: Mark Your Calendars for May 15
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On the date of publication, William White did not have (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.
