Fly-E Group, Inc. (NASDAQ:FLYE) Short Interest Down 62.8% in July

Fly-E Group, Inc. (NASDAQ:FLYE) saw a large decline in short interest in July. As of July 31st, there was short interest totaling 6,577 shares, a decline of 62.8% from the July 15th total of 17,693 shares. Based on an average daily trading volume, of 15,156 shares, the short-interest ratio is currently 0.4 days. Currently, 0.4% of the shares of the stock are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Fly-E Group in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Fly-E Group presently has a consensus rating of “Sell”.

Fly-E Group Stock Down 3.0%

FLYE traded down $0.05 during trading on Friday, reaching $1.69. The company’s stock had a trading volume of 1,005 shares, compared to its average volume of 152,213. The firm has a fifty day simple moving average of $1.95 and a two-hundred day simple moving average of $2.26. Fly-E Group has a 1 year low of $1.60 and a 1 year high of $158.00. The company has a market cap of $2.75 million, a price-to-earnings ratio of -0.15 and a beta of -0.61.

Fly-E Group (NASDAQ:FLYE) last issued its earnings results on Thursday, July 23rd. The company reported ($2.24) earnings per share for the quarter. The firm had revenue of $7.18 million during the quarter.

Institutional Trading of Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC bought a new position in Fly-E Group, Inc. (NASDAQ:FLYE) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 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.

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.