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

Fly-E Group, Inc. (NASDAQ:FLYE) saw a large decrease in short interest in the month of July. As of July 31st, there was short interest totaling 6,577 shares, a decrease of 62.8% from the July 15th total of 17,693 shares. Based on an average daily volume of 15,156 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.4% of the company’s shares are sold short.

Fly-E Group Stock Down 1.0%

Shares of FLYE stock traded down $0.02 during trading hours on Friday, hitting $1.72. 17,939 shares of the company were exchanged, compared to its average volume of 14,948. The firm has a fifty day moving average of $1.95 and a 200 day moving average of $2.25. Fly-E Group has a 1 year low of $1.60 and a 1 year high of $158.00. The firm has a market cap of $2.81 million, a PE ratio of -0.15 and a beta of -0.61.

Fly-E Group (NASDAQ:FLYE) last released its earnings results on Thursday, July 23rd. The company reported ($2.24) earnings per share (EPS) for the quarter. The company had revenue of $7.18 million for the quarter.

Institutional Trading of Fly-E Group

A hedge fund recently bought a new stake in Fly-E Group stock. XTX Topco Ltd bought a new position in Fly-E Group, Inc. (NASDAQ:FLYE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 34,204 shares of the company’s stock, valued at approximately $31,000. XTX Topco Ltd owned 0.19% of Fly-E Group at the end of the most recent quarter.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fly-E Group in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock 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.