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

Fly-E Group, Inc. (NASDAQ:FLYE) was the recipient of a large growth in short interest in the month of 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 volume of 15,838,775 shares, the short-interest ratio is presently 0.0 days. Currently, 18.2% of the company’s stock are sold short.

Institutional Trading of Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. Citadel Advisors LLC acquired a new stake in shares of Fly-E Group, Inc. (NASDAQ:FLYE) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 14,702 shares of the company’s stock, valued at approximately $31,000. Citadel Advisors LLC owned about 0.90% of Fly-E Group as of its most recent filing with the SEC.

Fly-E Group Stock Performance

FLYE stock traded down $0.04 on Tuesday, hitting $1.80. 8,739 shares of the company’s stock were exchanged, compared to its average volume of 1,415,154. The firm has a 50 day moving average price of $1.86 and a two-hundred day moving average price of $2.46. Fly-E Group has a 12-month low of $1.22 and a 12-month high of $22.00. The stock has a market cap of $2.93 million, a P/E ratio of -0.22 and a beta of -0.70.

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

Analyst Upgrades and Downgrades

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

Fly-E Group Company Profile

Fly-E Group, Inc is an electric mobility company that sells electric bicycles, electric scooters and electric motorcycles, along with related parts and accessories. Its product offerings include items such as batteries, chargers, helmets, locks and other equipment used by electric-vehicle riders.

The company also provides services that support its products, including vehicle maintenance, repairs and battery-related services. Fly-E Group markets its products through retail locations and online channels, serving customers primarily in the United States.

Founded in 2015, the company operates under the Fly E-Bike brand and has built its business around urban electric transportation.