Fly-E Group, Inc. (NASDAQ:FLYE) Short Interest Down 39.4% in July

Fly-E Group, Inc. (NASDAQ:FLYE) was the recipient of a large decrease in short interest in July. As of July 15th, there was short interest totaling 17,693 shares, a decrease of 39.4% from the June 30th total of 29,178 shares. Based on an average daily volume of 9,806 shares, the short-interest ratio is presently 1.8 days. Currently, 1.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Fly-E Group stock. Renaissance Technologies LLC bought a new position in shares of Fly-E Group, Inc. (NASDAQ:FLYE) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,600 shares of the company’s stock, valued at approximately $26,000. Renaissance Technologies LLC owned about 0.77% of Fly-E Group at the end of the most recent reporting period.

Wall Street Analyst Weigh In

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

Fly-E Group Price Performance

FLYE traded down $0.03 on Thursday, hitting $1.63. 6,720 shares of the stock were exchanged, compared to its average volume of 162,908. The firm has a market capitalization of $2.66 million, a price-to-earnings ratio of -0.14 and a beta of -0.70. Fly-E Group has a 12 month low of $1.61 and a 12 month high of $161.80. The business has a 50-day moving average of $2.00 and a two-hundred day moving average of $2.69.

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

About Fly-E Group

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.