Fly-E Group (NASDAQ:FLYE) Stock Price Down 2.8% – Here’s Why

Fly-E Group, Inc. (NASDAQ:FLYE)’s share price fell 2.8% during trading on Monday . The company traded as low as $1.72 and last traded at $1.7650. 4,859 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 7,475 shares. The stock had previously closed at $1.8150.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fly-E Group in a research note on Friday, March 27th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

Fly-E Group Stock Down 2.8%

The stock has a 50 day moving average of $2.03 and a 200 day moving average of $4.59.

Fly-E Group (NASDAQ:FLYE) last posted 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.

Institutional Investors Weigh In On Fly-E Group

A hedge fund recently bought a new stake in Fly-E Group stock. XTX Topco Ltd bought a new position in Fly-E Group, Inc. (NASDAQ:FLYE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 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 filing with the Securities and Exchange Commission (SEC).

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.