Short Interest in Fly-E Group, Inc. (NASDAQ:FLYE) Declines By 54.9%

Fly-E Group, Inc. (NASDAQ:FLYE) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 2,562 shares, a drop of 54.9% from the August 15th total of 5,675 shares. Currently, 0.2% of the company’s stock are short sold. Based on an average daily volume of 6,315 shares, the days-to-cover ratio is presently 0.4 days.

Fly-E Group Stock Down 6.6%

Shares of Fly-E Group stock traded down $0.12 on Tuesday, reaching $1.71. The company’s stock had a trading volume of 11,025 shares, compared to its average volume of 4,288,149. Fly-E Group has a 52 week low of $1.36 and a 52 week high of $22.00. The firm’s fifty day simple moving average is $1.81 and its two-hundred day simple moving average is $1.95. The company has a market capitalization of $2.79 million, a price-to-earnings ratio of -0.21 and a beta of -0.65.

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC purchased a new position in Fly-E Group, Inc. (NASDAQ:FLYE) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,600 shares of the company’s stock, valued at approximately $26,000. Renaissance Technologies LLC owned 0.77% of Fly-E Group as of its most recent SEC filing.

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.