flyExclusive (NYSE:FLYX) Trading 1.8% Higher - Time to Buy?

Key Points

• Wall Street is bullish: UBS set a $7 price target and Lucid Cap Mkts upgraded flyExclusive to "strong-buy," leaving the average analyst rating at "Strong Buy."
• Significant insider buying: Director Peter B. Hopper purchased 50,000 shares at $2.38 and insiders bought 125,000 shares last quarter, with corporate insiders now owning 90.10% of the company.
• Shares rose 1.8% to $2.23 on Tuesday but on very light volume (289,271 vs. a 2.18M average); the company has a $210.4M market cap, a negative P/E (-2.19), and trades below its 200-day moving average ($3.07).

flyExclusive, Inc. (NYSE:FLYX - Get Free Report)'s stock price traded up 1.8% on Tuesday . The company traded as high as $2.37 and last traded at $2.23. 289,271 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,180,286 shares. The stock had previously closed at $2.19.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group set a $7.00 price target on flyExclusive in a research report on Monday, January 26th. Lucid Cap Mkts upgraded 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, the stock presently has an average rating of "Strong Buy" and an average target price of $7.00.

flyExclusive Price Performance

The firm has a market cap of $210.40 million, a price-to-earnings ratio of -2.19 and a beta of 0.12. The firm has a 50 day moving average price of $2.32 and a 200-day moving average price of $3.07.

Insider Activity

In other news, Director Peter B. Hopper purchased 50,000 shares of the business's stock in a transaction dated Monday, March 9th. The shares were acquired at an average price of $2.38 per share, with a total value of $119,000.00. Following the completion of the purchase, the director directly owned 100,000 shares of the company's stock, valued at $238,000. The trade was a 100.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders acquired a total of 125,000 shares of company stock worth $304,750 over the last quarter. Corporate insiders own 90.10% of the company's stock.

Hedge Funds Weigh In On flyExclusive

Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of flyExclusive by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 113,564 shares of the company's stock valued at $467,000 after acquiring an additional 3,373 shares during the period. Axxcess Wealth Management LLC lifted its stake in shares of flyExclusive by 11.0% during the third quarter. Axxcess Wealth Management LLC now owns 37,750 shares of the company's stock valued at $186,000 after acquiring an additional 3,750 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of flyExclusive by 56,636.4% during the third quarter. JPMorgan Chase & Co. now owns 6,241 shares of the company's stock valued at $31,000 after acquiring an additional 6,230 shares during the period. New York State Common Retirement Fund acquired a new position in shares of flyExclusive during the third quarter valued at $32,000. Finally, Citadel Advisors LLC acquired a new position in shares of flyExclusive during the third quarter valued at $68,000. Institutional investors and hedge funds own 12.99% of the company's stock.

flyExclusive Company Profile

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.

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