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

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

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Fly-E Group

An institutional investor recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC bought a new stake in shares of Fly-E Group, Inc. (NASDAQ:FLYE) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 Stock Up 2.7%

Shares of NASDAQ FLYE opened at $1.88 on Friday. Fly-E Group has a 12 month low of $1.65 and a 12 month high of $161.80. The business has a fifty day simple moving average of $2.01 and a 200-day simple moving average of $3.99.

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

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.