Fly-E Group (NASDAQ:FLYE) Trading Down 2.8% – Here’s Why

Fly-E Group, Inc. (NASDAQ:FLYE)’s stock price dropped 2.8% during trading on Monday . The company traded as low as $1.72 and last traded at $1.7650. Approximately 4,859 shares were traded during trading, a decline of 35% from the average daily volume of 7,475 shares. The stock had previously closed at $1.8150.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed 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 data from MarketBeat, the company currently has an average rating of “Sell”.

Fly-E Group Trading Down 3.1%

The firm’s fifty day moving average is $2.01 and its 200-day moving average is $4.34.

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

Hedge Funds Weigh In On Fly-E Group

An institutional investor recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC purchased a new stake in shares of Fly-E Group, Inc. (NASDAQ:FLYE) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 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.