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

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

Institutional Trading of Fly-E Group

An institutional investor recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC acquired a new stake in shares of Fly-E Group, Inc. (NASDAQ:FLYE) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 12,600 shares of the company’s stock, valued at approximately $26,000. Renaissance Technologies LLC owned about 0.77% of Fly-E Group as of its most recent SEC filing.

Wall Street Analyst Weigh In

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, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

Fly-E Group Stock Up 5.3%

Shares of Fly-E Group stock traded up $0.10 on Friday, reaching $2.07. The company’s stock had a trading volume of 15,472 shares, compared to its average volume of 70,746. Fly-E Group has a 52 week low of $1.62 and a 52 week high of $161.80. The firm’s fifty day simple moving average is $1.99 and its two-hundred day simple moving average is $3.16.

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

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.