flyExclusive (NYSE:FLYX) Stock Price Down 5.9% – Here’s Why

flyExclusive, Inc. (NYSE:FLYX)’s share price traded down 5.9% during mid-day trading on Tuesday . The stock traded as low as $2.22 and last traded at $2.22. 103,892 shares changed hands during trading, a decline of 96% from the average session volume of 2,359,537 shares. The stock had previously closed at $2.36.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on FLYX shares. UBS Group set a $7.00 target price on shares of flyExclusive in a research report on Monday, January 26th. Lucid Cap Mkts upgraded shares of flyExclusive to a “strong-buy” rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, flyExclusive currently has a consensus rating of “Strong Buy” and a consensus price target of $7.00.

flyExclusive Stock Up 4.7%

The firm has a market capitalization of $293.43 million, a P/E ratio of -3.05 and a beta of 0.19. The firm’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $3.24.

Insider Transactions at flyExclusive

In other flyExclusive news, Director Peter B. Hopper acquired 25,000 shares of the stock in a transaction dated Friday, March 13th. The stock was purchased at an average cost of $2.35 per share, for a total transaction of $58,750.00. Following the acquisition, the director owned 125,000 shares in the company, valued at $293,750. The trade was a 25.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders have purchased 125,000 shares of company stock worth $304,750 in the last three months. Insiders own 90.10% of the company’s stock.

Institutional Investors Weigh In On flyExclusive

A number of hedge funds have recently made changes to their positions in FLYX. Kera Capital Partners Inc. bought a new stake in shares of flyExclusive in the 3rd quarter worth approximately $173,000. Citadel Advisors LLC bought a new stake in shares of flyExclusive in the 3rd quarter worth approximately $68,000. MBL Wealth LLC lifted its holdings in shares of flyExclusive by 46.9% in the 3rd quarter. MBL Wealth LLC now owns 28,200 shares of the company’s stock worth $139,000 after acquiring an additional 9,000 shares during the last quarter. New York State Common Retirement Fund bought a new stake in shares of flyExclusive in the 3rd quarter worth approximately $32,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of flyExclusive by 56,636.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,241 shares of the company’s stock worth $31,000 after acquiring an additional 6,230 shares during the last quarter. 12.99% of the stock is currently owned by institutional investors.

About flyExclusive

flyExclusive (NYSE:FLYX) is a U.S.-based private aviation company that provides on-demand charter, jet card membership, and aircraft management services. The firm operates a proprietary fleet of large-cabin and super-midsize jets, complemented by third-party managed aircraft under its Part 135 operator certificate. flyExclusive offers customized flight solutions for individual, corporate and group travel, with a focus on safety, scheduling flexibility and personalized service.

The company was launched as a standalone brand in 2018 and completed its business combination to become a publicly traded company in November 2021.