Fly-E Group Inc. (NASDAQ:FLYE) shares are trending on Wednesday.
Shares of the New York-based electric vehicle company edged higher 1.33% to $2.33 after the bell on Tuesday despite reporting weaker first-quarter fiscal 2027 results for the period ended Jun. 30.
The results were announced on Tuesday after the markets closed. Ahead of the print, the regular trading session saw highly elevated volume, with 82.36 million shares traded versus an average volume of 12.67 thousand.
In the regular session, FLYE saw a gain of 60.58% to close at $2.20, according to Benzinga Pro data.
Fly-E Group’s net revenue for the quarter fell 48.4% year over year to $2.7 million. Its gross margin dropped to 10.9% from 42.4%. The company’s net loss also widened to $3.9 million from $2.0 million, or $8.38 per share.
CEO Cites Wholesale Growth, Leaner Operating Model
Retail sales fell 84.3%, driven by a smaller store footprint, competitive pricing pressure and softer demand following industry-wide lithium-ion battery safety concerns in the New York market.
CEO Zhou (Andy) Ou said, “We continue to realign our business toward a leaner and asset-light operational model. While our revenue and margin profile reflect the deliberate contraction of our direct retail footprint alongside ongoing promotional pricing to clear inventory, we grew our wholesale revenues by 46.9% and made continued investments in technology advancement.”
Trading Metrics, Technical Analysis
Fly-E Group has a market capitalization of approximately $3.59 million. Its stock has traded between a 52-week high of $22 and a 52-week low of $1.36.
FLYE has a Relative Strength Index (RSI) of 64.31.
Over the past 12 months, the small-cap stock has dropped 84.50%.
Currently, FLYE is trading near the lower end of its annual range.
Benzinga’s Edge Stock Rankings indicate that Fly-E Group stock is experiencing a negative price trend across all time frames.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Read Also: Nauticus Robotics (KITT) Stock Jumps Over 24% After Hours: Why It Is Trending
Photo: FON’s Fasai / Shutterstock