Fly-E Group, Inc. (NASDAQ:FLYE) Stock Short Interest Falls 79.2%

Fly-E Group, Inc. (NASDAQ:FLYE) was the recipient of a large drop in short interest during the month of October. As of October 30th, there was short interest totaling 58,924 shares, a drop of 79.2% from the October 15th total of 282,852 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average daily trading volume, of 348,760 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On Fly-E Group

An institutional investor recently bought a new position in Fly-E Group stock. Citadel Advisors LLC bought 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. The firm bought 14,702 shares of the company’s stock, valued at approximately $31,000. Citadel Advisors LLC owned 0.90% of Fly-E Group as of its most recent filing with the Securities and Exchange Commission.

Fly-E Group Stock Down 12.5%

FLYE stock traded down $0.28 during trading on Friday, hitting $1.96. The company had a trading volume of 36,288 shares, compared to its average volume of 1,462,773. The firm has a market cap of $3.19 million, a PE ratio of -0.24 and a beta of -0.92. Fly-E Group has a 1-year low of $1.22 and a 1-year high of $21.80. The firm has a 50-day moving average price of $1.93 and a 200-day moving average price of $2.12.

Fly-E Group (NASDAQ:FLYE) last posted its quarterly earnings data on Friday, November 13th. The company reported ($1.07) earnings per share for the quarter. The business had revenue of $2.59 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated 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.com, Fly-E Group has a consensus rating of “Sell”.

About Fly-E Group

Fly-E Group, Inc. is an electric mobility company that sells electric bicycles, scooters, motorcycles and related products. Its offerings include batteries, chargers, replacement parts and other accessories designed for electric two-wheelers. The company markets its products under the FLY E-BIKE brand and serves customers through physical retail locations and online sales channels. Its operations are primarily focused on the U.S. market, with a presence in New York City and sales to customers in other areas through e-commerce.