Fly-E Group, Inc. (NASDAQ:FLYE) Stock Short Interest Jumps 543.7%

Fly-E Group, Inc. (NASDAQ:FLYE) was the target of a significant growth in short interest in October. As of October 15th, there was short interest totaling 282,852 shares, a growth of 543.7% from the September 30th total of 43,940 shares. Based on an average daily trading volume, of 15,838,775 shares, the days-to-cover ratio is presently 0.0 days. Currently, 18.2% of the company’s stock are sold short.

Institutional Trading of Fly-E Group

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

Analysts Set New Price Targets

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

Fly-E Group Price Performance

Shares of Fly-E Group stock traded up $0.01 on Thursday, reaching $1.84. 6,430 shares of the company traded hands, compared to its average volume of 1,401,799. The company has a 50 day moving average of $1.86 and a 200 day moving average of $2.40. Fly-E Group has a 52 week low of $1.22 and a 52 week high of $22.00. The firm has a market capitalization of $3.00 million, a PE ratio of -0.23 and a beta of -0.70.

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

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.

Fly-E Group was established in 2015 and is headquartered in Brooklyn, New York.