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From a quick glance at the mirror, the surging pace of electric vehicle upstart Faraday Future (FFIE) may easily spark FOMO or the fear of missing out. Just in the trailing month, FFIE stock gained a blistering 104.45%. So far this year, shares moved up almost 67%. Adding to the sense of urgency, last Friday, they jumped over 12%.
Likely undergirding sentiment is good old-fashioned speculation. Let’s face reality here. Despite the astonishing performance, the Barchart Technical Opinion indicator still rates FFIE stock a sell. Granted, it’s a weak 8% sell, meaning that future improvements could swing the needle decisively into positive territory. Seeing as how meme stocks can occasionally defy gravity, Faraday might seem like reasonable speculation to some.
