Fly-E Group (NASDAQ:FLYE) Announces Quarterly Earnings Results

Fly-E Group (NASDAQ:FLYE) announced its earnings results on Thursday. The company reported ($2.24) EPS for the quarter, FiscalAI reports. The business had revenue of $7.18 million during the quarter.

Fly-E Group Stock Down 7.5%

Shares of Fly-E Group stock traded down $0.14 during trading on Thursday, reaching $1.71. 22,372 shares of the company traded hands, compared to its average volume of 167,854. Fly-E Group has a 1-year low of $1.62 and a 1-year high of $161.80. The company has a 50 day moving average price of $2.00 and a 200-day moving average price of $2.90.

Hedge Funds Weigh In On Fly-E Group

A hedge fund recently bought a new position in Fly-E Group stock. Renaissance Technologies LLC bought a new stake in Fly-E Group, Inc. (NASDAQ:FLYE) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 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.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Fly-E Group in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently 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.