Short Interest in Fly-E Group, Inc. (NASDAQ:FLYE) Increases By 1,536.3%

Fly-E Group, Inc. (NASDAQ:FLYE) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 95,675 shares, a growth of 1,536.3% from the May 31st total of 5,847 shares. Based on an average trading volume of 489,123 shares, the days-to-cover ratio is currently 0.2 days. Approximately 6.2% of the company’s shares are sold short.

Institutional Trading of Fly-E Group

An institutional investor recently bought a new stake in Fly-E Group stock. Renaissance Technologies LLC acquired a new stake in Fly-E Group, Inc. (NASDAQ:FLYE) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 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 reporting period.

Fly-E Group Stock Performance

Shares of FLYE stock traded down $0.24 on Thursday, hitting $2.03. The stock had a trading volume of 20,969 shares, compared to its average volume of 279,363. Fly-E Group has a one year low of $1.62 and a one year high of $161.80. The business has a 50 day moving average price of $1.99 and a 200 day moving average price of $3.54.

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

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Fly-E Group in a research note on Friday, March 27th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Fly-E Group 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.