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

Fly-E Group, Inc. (NASDAQ:FLYE) saw a significant decrease in short interest during the month of October. As of October 30th, there was short interest totaling 58,924 shares, a decrease of 79.2% from the October 15th total of 282,852 shares. Based on an average daily volume of 348,760 shares, the days-to-cover ratio is currently 0.2 days. Approximately 3.8% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fly-E Group in a report on Monday, September 21st. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC bought a new stake in Fly-E Group, Inc. (NASDAQ:FLYE) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,600 shares of the company’s stock, valued at approximately $26,000. Renaissance Technologies LLC owned 0.77% of Fly-E Group at the end of the most recent reporting period.

Fly-E Group Trading Up 0.6%

Fly-E Group stock traded up $0.01 during midday trading on Thursday, hitting $2.37. 9,408 shares of the stock were exchanged, compared to its average volume of 1,469,202. Fly-E Group has a fifty-two week low of $1.22 and a fifty-two week high of $21.80. The stock has a market capitalization of $3.85 million, a price-to-earnings ratio of -0.29 and a beta of -0.92. The stock’s 50-day simple moving average is $1.93 and its 200 day simple moving average is $2.14.

Fly-E Group (NASDAQ:FLYE) last announced its earnings results on Tuesday, September 1st. The company reported ($2.41) earnings per share for the quarter. The business had revenue of $2.75 million for the quarter.

Fly-E Group Company Profile

Fly-E Group, Inc. is an electric mobility company that sells electric bicycles, scooters, motorcycles and related products. Its offerings include batteries, chargers, replacement parts and other accessories designed for electric two-wheelers. The company markets its products under the FLY E-BIKE brand and serves customers through physical retail locations and online sales channels. Its operations are primarily focused on the U.S. market, with a presence in New York City and sales to customers in other areas through e-commerce.