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

Fly-E Group, Inc. (NASDAQ:FLYE) was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totaling 29,178 shares, a decrease of 69.5% from the June 15th total of 95,675 shares. Approximately 1.9% of the company’s shares are sold short. Based on an average trading volume of 16,509 shares, the short-interest ratio is presently 1.8 days.

Fly-E Group Stock Up 5.3%

Shares of NASDAQ:FLYE traded up $0.10 during trading on Friday, hitting $2.07. The stock had a trading volume of 15,472 shares, compared to its average volume of 70,746. The firm’s fifty day moving average is $1.99 and its 200 day moving average is $3.16. Fly-E Group has a 12 month low of $1.62 and a 12 month high of $161.80.

Fly-E Group (NASDAQ:FLYE) last announced its earnings results on Tuesday, April 21st. The company reported ($1.18) EPS for the quarter. The firm had revenue of $2.65 million for the quarter.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On Fly-E Group

A hedge fund recently bought a new stake in Fly-E Group stock. XTX Topco Ltd purchased a new position in Fly-E Group, Inc. (NASDAQ:FLYE) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 34,204 shares of the company’s stock, valued at approximately $31,000. XTX Topco Ltd owned approximately 0.19% 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.