flyExclusive (NYSE:FLYX) Trading Down 3% – Here’s What Happened

Shares of flyExclusive, Inc. (NYSE:FLYX) were down 3% on Wednesday . The company traded as low as $2.49 and last traded at $2.56. Approximately 563,801 shares were traded during trading, a decline of 71% from the average daily volume of 1,913,319 shares. The stock had previously closed at $2.64.

flyExclusive Stock Performance

The business has a 50 day moving average of $2.35 and a two-hundred day moving average of $2.91. The firm has a market capitalization of $238.71 million, a price-to-earnings ratio of -2.84 and a beta of 0.12.

Insiders Place Their Bets

In other news, Director Peter B. Hopper purchased 50,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were acquired at an average cost of $2.38 per share, with a total value of $119,000.00. Following the purchase, the director owned 100,000 shares in the company, valued at $238,000. This represents a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders purchased 125,000 shares of company stock worth $304,750. 90.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FLYX. New York State Common Retirement Fund acquired a new position in flyExclusive during the 3rd quarter worth approximately $32,000. JPMorgan Chase & Co. raised its stake in flyExclusive by 56,636.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,241 shares of the company’s stock worth $31,000 after buying an additional 6,230 shares during the period. Axxcess Wealth Management LLC raised its stake in flyExclusive by 11.0% during the 3rd quarter. Axxcess Wealth Management LLC now owns 37,750 shares of the company’s stock worth $186,000 after buying an additional 3,750 shares during the period. Citadel Advisors LLC acquired a new position in flyExclusive during the 3rd quarter worth approximately $68,000. Finally, Geode Capital Management LLC raised its stake in flyExclusive by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 113,564 shares of the company’s stock worth $467,000 after buying an additional 3,373 shares during the period. 12.99% of the stock is owned by institutional investors and hedge funds.

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.