Fly-E Group (NASDAQ:FLYE) Shares Up 0.9% – Should You Buy?

Fly-E Group, Inc. (NASDAQ:FLYE) was up 0.9% during trading on Wednesday . The company traded as high as $2.27 and last traded at $2.27. 12,136 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 279,001 shares. The stock had previously closed at $2.25.

Wall Street Analysts Forecast Growth

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

Fly-E Group Price Performance

The company’s 50 day simple moving average is $1.99 and its 200 day simple moving average is $3.58.

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

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 position in Fly-E Group, Inc. (NASDAQ:FLYE) during the 1st quarter, according to the company in its most recent Form 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 about 0.77% of Fly-E Group at the end of the most recent quarter.

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.