Fly-E Group, Inc. (NASDAQ:FLYE) Sees Significant Decrease in Short Interest

Fly-E Group, Inc. (NASDAQ:FLYE) was the target of a large drop in short interest in the month of January. As of January 30th, there was short interest totaling 23,533 shares, a drop of 38.3% from the January 15th total of 38,170 shares. Approximately 1.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 17,065 shares, the days-to-cover ratio is currently 1.4 days. Based on an average daily trading volume, of 17,065 shares, the days-to-cover ratio is currently 1.4 days. Approximately 1.8% of the shares of the stock are short sold.

Fly-E Group Stock Performance

Shares of NASDAQ:FLYE traded down $0.03 during midday trading on Friday, reaching $2.87. The company’s stock had a trading volume of 18,100 shares, compared to its average volume of 551,603. The business’s fifty day simple moving average is $6.40 and its 200-day simple moving average is $21.47. Fly-E Group has a fifty-two week low of $2.49 and a fifty-two week high of $161.80.

Hedge Funds Weigh In On Fly-E Group

An institutional investor recently bought a new position in Fly-E Group stock. XTX Topco Ltd purchased a new stake in Fly-E Group, Inc. (NASDAQ:FLYE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 34,204 shares of the company’s stock, valued at approximately $31,000. XTX Topco Ltd owned approximately 0.19% of Fly-E Group at the end of the most recent reporting period.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FLYE. Weiss Ratings reiterated a “sell (e+)” rating on shares of Fly-E Group in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Fly-E Group from a “sell” rating to a “hold” rating in a research report on Saturday, December 20th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

Fly-E Group Company Profile

FlyE Group, Inc, incorporated as a Cayman Islands exempted company, is a special purpose acquisition company (SPAC) formed to identify, acquire, and combine with one or more businesses. As a blank‐check entity, its primary operations involve raising capital through an initial public offering and seeking a merger, capital stock exchange, asset acquisition, or similar business combination with a target company.

In September 2021, FlyE Group completed its IPO and began trading on the Nasdaq Stock Market under the ticker symbol FLYE.