flyExclusive (NYSE:FLYX) Shares Down 6% - Here's What Happened

Key Points

• flyExclusive's shares decreased by 6% during mid-day trading, with the stock last trading at $4.23 after reaching a low of $4.00.
• The company has a market cap of $338.95 million and a PE ratio of -3.85, indicating potential concerns about its profitability.
• Notable hedge funds have increased their investments in flyExclusive, with Citadel Advisors and Raymond James Financial among recent buyers during the fourth quarter.

flyExclusive, Inc. (NYSE:FLYX - Get Free Report)'s stock price dropped 6% on Wednesday . The stock traded as low as $4.00 and last traded at $4.23. Approximately 83,796 shares traded hands during trading, an increase of 327% from the average daily volume of 19,636 shares. The stock had previously closed at $4.50.

flyExclusive Trading Up 6.7%

The stock has a market capitalization of $343.76 million, a PE ratio of -3.90 and a beta of 0.19. The firm's fifty day moving average price is $2.81 and its two-hundred day moving average price is $2.96.

Institutional Investors Weigh In On flyExclusive

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLYX. MBL Wealth LLC purchased a new stake in flyExclusive in the 2nd quarter worth $37,000. Axxcess Wealth Management LLC acquired a new stake in flyExclusive during the 1st quarter worth $47,000. Raymond James Financial Inc. acquired a new stake in flyExclusive during the 4th quarter worth $64,000. Citadel Advisors LLC acquired a new stake in flyExclusive during the 4th quarter worth $70,000. Finally, CastleKnight Management LP boosted its stake in flyExclusive by 51.6% during the 4th quarter. CastleKnight Management LP now owns 287,118 shares of the company's stock worth $904,000 after purchasing an additional 97,705 shares during the last quarter. Hedge funds and other institutional investors own 12.99% of the company's stock.

About flyExclusive

flyExclusive, Inc, through its subsidiary, LGM Enterprises, LLC., owns and operates private jets in North America. It also offers jet charter services; and aircraft maintenance, repair, overhaul (MRO) operations, and interior and exterior refurbishment services, as well as wholesale and retail ad hoc flights, a jet club program, partnership program, fractional program, and other services.