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

Fly-E Group, Inc. (NASDAQ:FLYE) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totaling 43,940 shares, a growth of 282.7% from the September 15th total of 11,482 shares. Based on an average daily volume of 169,022 shares, the days-to-cover ratio is currently 0.3 days. Currently, 2.8% of the company’s shares are sold short.

Analyst Ratings Changes

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

Fly-E Group Stock Performance

Shares of NASDAQ:FLYE opened at $2.05 on Tuesday. The company has a market cap of $3.34 million, a PE ratio of -0.26 and a beta of -0.70. Fly-E Group has a 52 week low of $1.22 and a 52 week high of $22.00. The firm has a 50 day simple moving average of $1.70 and a 200 day simple moving average of $1.90.

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

Institutional Trading of Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. Citadel Advisors LLC purchased a new stake in shares of Fly-E Group, Inc. (NASDAQ:FLYE) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 14,702 shares of the company’s stock, valued at approximately $31,000. Citadel Advisors LLC owned approximately 0.90% of Fly-E Group at the end of the most recent quarter.

About Fly-E Group

Fly-E Group, Inc is an electric mobility company that sells electric bicycles, electric scooters and electric motorcycles, along with related parts and accessories. Its product offerings include items such as batteries, chargers, helmets, locks and other equipment used by electric-vehicle riders.

The company also provides services that support its products, including vehicle maintenance, repairs and battery-related services. Fly-E Group markets its products through retail locations and online channels, serving customers primarily in the United States.

Founded in 2015, the company operates under the Fly E-Bike brand and has built its business around urban electric transportation.