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

Fly-E Group, Inc. (NASDAQ:FLYE) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totaling 6,577 shares, a drop of 62.8% from the July 15th total of 17,693 shares. Based on an average daily volume of 15,156 shares, the short-interest ratio is presently 0.4 days. Currently, 0.4% of the company’s shares are short sold.

Analyst Ratings Changes

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

Fly-E Group Stock Down 3.0%

NASDAQ:FLYE traded down $0.05 on Friday, reaching $1.69. 1,005 shares of the company’s stock were exchanged, compared to its average volume of 152,213. The firm has a market capitalization of $2.75 million, a price-to-earnings ratio of -0.15 and a beta of -0.61. Fly-E Group has a 52-week low of $1.60 and a 52-week high of $158.00. The business has a fifty day moving average of $1.95 and a 200-day moving average of $2.26.

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

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) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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.