Faraday Future stock gets downgrade on ‘uncertainty’ around disclosures

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Analyst Dan Ives at Wedbush on Tuesday lowered his rating on shares of Faraday Future Intelligent Electric Inc. FFIE, -4.40% to the equivalent of hold, due to “uncertainty at a pivotal moment,” he said in a note. Electric-car startup Faraday Future, which became public through a SPAC deal in July, said late Monday it was delaying regulatory filings while a board of directors’ committee reviews allegations of “inaccurate disclosures.” That’s a “clear risk that changes the Faraday story for the near-term,” Ives said. “The stock gets put squarely in the investor penalty box until this overhang clears,” he said. Ives is one of three analysts following the stock, according to FactSet. At the time of its debut on the Nasdaq, Faraday Future said its its luxury electric crossover FF 91 was coming to market next year.

This article was originally published by Marketwatch.com. Read the original article here.

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