Fly-E Group, Inc. (NASDAQ:FLYE) Shares Shorted: Short Interest Up 282.7% in September

Fly-E Group, Inc. (NASDAQ:FLYE) saw a significant increase in short interest during the month of September. As of September 30th, there was short interest totaling 43,940 shares, an increase of 282.7% from the September 15th total of 11,482 shares. Currently, 2.8% of the company’s shares are sold short. Based on an average trading volume of 169,022 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. Citadel Advisors LLC purchased a new position in shares of Fly-E Group, Inc. (NASDAQ:FLYE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,702 shares of the company’s stock, valued at approximately $31,000. Citadel Advisors LLC owned approximately 0.90% of Fly-E Group as of its most recent filing with the Securities & Exchange Commission.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Fly-E Group in a research report on Monday, September 21st. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Fly-E Group Stock Up 0.4%

FLYE stock traded up $0.01 during mid-day trading on Friday, hitting $2.33. 2,904,461 shares of the company were exchanged, compared to its average volume of 6,751,317. The firm has a market capitalization of $3.80 million, a P/E ratio of -0.29 and a beta of -0.70. The business has a fifty day simple moving average of $1.69 and a 200-day simple moving average of $1.90. Fly-E Group has a 12-month low of $1.22 and a 12-month high of $22.00.

Fly-E Group (NASDAQ:FLYE) last released its quarterly earnings results on Tuesday, September 1st. The company reported ($2.41) earnings per share (EPS) for the quarter. The firm had revenue of $2.75 million for the quarter.

About Fly-E Group

Fly-E Group, Inc is an electric mobility company that sells electric bicycles, electric scooters and electric motorcycles, along with related parts and accessories. Its product offerings include items such as batteries, chargers, helmets, locks and other equipment used by electric-vehicle riders.

The company also provides services that support its products, including vehicle maintenance, repairs and battery-related services. Fly-E Group markets its products through retail locations and online channels, serving customers primarily in the United States.

Founded in 2015, the company operates under the Fly E-Bike brand and has built its business around urban electric transportation.