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

Fly-E Group, Inc. (NASDAQ:FLYE) was the target of a significant decrease in short interest in the month of January. As of January 30th, there was short interest totaling 23,533 shares, a decrease of 38.3% from the January 15th total of 38,170 shares. Currently, 1.8% of the shares of the stock are sold short. Based on an average trading volume of 17,065 shares, the short-interest ratio is presently 1.4 days. Based on an average trading volume of 17,065 shares, the short-interest ratio is presently 1.4 days. Currently, 1.8% of the shares of the stock are sold short.

Fly-E Group Stock Down 6.9%

Shares of FLYE stock traded down $0.20 on Friday, reaching $2.69. 28,131 shares of the company were exchanged, compared to its average volume of 806,655. Fly-E Group has a 1 year low of $2.49 and a 1 year high of $161.80. The business has a 50-day moving average price of $6.29 and a 200 day moving average price of $20.72.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FLYE shares. Weiss Ratings restated a “sell (e+)” rating on shares of Fly-E Group in a research note on Monday, December 29th. Wall Street Zen upgraded Fly-E Group from a “sell” rating to a “hold” rating in a research report on Saturday, December 20th. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently 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 disclosure 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 about 0.19% of Fly-E Group at the end of the most recent reporting period.

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.