Fly-E Group, Inc. (NASDAQ:FLYE) Sees Significant Decrease in Short Interest

Fly-E Group, Inc. (NASDAQ:FLYE) was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totaling 5,909 shares, a decline of 37.4% from the April 30th total of 9,440 shares. Based on an average daily volume of 7,483 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.4% of the shares of the company are sold short.

Fly-E Group Stock Up 2.1%

Shares of NASDAQ FLYE opened at $1.94 on Wednesday. The business’s 50 day moving average is $2.01 and its two-hundred day moving average is $4.06. Fly-E Group has a 12 month low of $1.65 and a 12 month high of $161.80.

Fly-E Group (NASDAQ:FLYE) last issued its quarterly earnings results on Tuesday, April 21st. The company reported ($1.18) EPS for the quarter. The business had revenue of $2.65 million during the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Fly-E Group stock. XTX Topco Ltd purchased a new position in Fly-E Group, Inc. (NASDAQ:FLYE) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 34,204 shares of the company’s stock, valued at approximately $31,000. XTX Topco Ltd owned 0.19% of Fly-E Group as of its most recent SEC filing.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Fly-E Group in a report on Friday, March 27th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has a consensus rating of “Sell”.

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.