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

Fly-E Group, Inc. (NASDAQ:FLYE) was the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 6,577 shares, a decline 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. Approximately 0.4% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

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

Fly-E Group Stock Performance

NASDAQ FLYE traded down $0.02 on Friday, reaching $1.72. The company had a trading volume of 17,939 shares, compared to its average volume of 14,948. The firm has a market capitalization of $2.81 million, a price-to-earnings ratio of -0.15 and a beta of -0.61. Fly-E Group has a 1-year low of $1.60 and a 1-year high of $158.00. The company’s fifty day moving average is $1.95 and its 200-day moving average is $2.25.

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 business had revenue of $7.18 million during the quarter.

Institutional Investors Weigh In On Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. XTX Topco Ltd purchased a new position in shares of Fly-E Group, Inc. (NASDAQ:FLYE) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 34,204 shares of the company’s stock, valued at approximately $31,000. XTX Topco Ltd owned about 0.19% of Fly-E Group as of its most recent SEC filing.

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.