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

Fly-E Group, Inc. (NASDAQ:FLYE) saw a large drop in short interest in 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. Based on an average trading volume of 348,760 shares, the short-interest ratio is currently 0.2 days. Approximately 3.8% of the shares of the company are sold short.

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 analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company currently has an average rating of “Sell”.

Institutional Inflows and Outflows

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 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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.

Fly-E Group Price Performance

NASDAQ FLYE traded up $0.01 during mid-day trading on Thursday, hitting $2.37. The company’s stock had a trading volume of 9,408 shares, compared to its average volume of 1,469,202. The firm has a market capitalization of $3.85 million, a P/E ratio of -0.29 and a beta of -0.92. Fly-E Group has a 52-week low of $1.22 and a 52-week high of $21.80. The stock’s fifty day simple moving average is $1.93 and its two-hundred day simple moving average is $2.14.

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

Fly-E Group Company Profile

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.