Hitek Global Inc. (NASDAQ:HKIT) Sees Large Decrease in Short Interest

Hitek Global Inc. (NASDAQ:HKIT) was the recipient of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 366,390 shares, a drop of 26.6% from the January 15th total of 499,331 shares. Based on an average daily volume of 69,800 shares, the short-interest ratio is currently 5.2 days. Currently, 2.5% of the shares of the stock are sold short. Currently, 2.5% of the shares of the stock are sold short. Based on an average daily volume of 69,800 shares, the short-interest ratio is currently 5.2 days.

Institutional Investors Weigh In On Hitek Global

An institutional investor recently bought a new position in Hitek Global stock. Susquehanna International Group LLP purchased a new position in Hitek Global Inc. (NASDAQ:HKIT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned approximately 0.29% of Hitek Global at the end of the most recent reporting period. Hedge funds and other institutional investors own 1.19% of the company’s stock.

Hitek Global Trading Down 2.5%

Shares of NASDAQ HKIT traded down $0.05 during trading on Monday, reaching $1.97. The company had a trading volume of 5,827 shares, compared to its average volume of 40,531. Hitek Global has a 52 week low of $1.16 and a 52 week high of $4.18. The business’s 50 day moving average price is $1.99 and its 200-day moving average price is $1.86. The company has a current ratio of 14.27, a quick ratio of 14.21 and a debt-to-equity ratio of 0.07.

Hitek Global (NASDAQ:HKIT) last issued its quarterly earnings results on Wednesday, October 22nd. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $0.37 million for the quarter.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on HKIT. Wall Street Zen raised shares of Hitek Global to a “sell” rating in a research note on Friday, January 23rd. Weiss Ratings reissued a “sell (d)” rating on shares of Hitek Global in a report on Tuesday, January 27th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, Hitek Global presently has an average rating of “Sell”.

About Hitek Global

Hitek Global Inc provides information technology (IT) consulting and solutions to small and medium businesses in various industry sectors in China. It offers anti-counterfeiting tax control system (ACTCS) tax devices, including golden tax disk and printers, ACTCS services, and IT services; and sells software and hardware to large businesses, such as laptops, printers, desktop computers, and related accessories, as well as Internet servers, cameras, and monitors. The company was founded in 1996 and is headquartered in Xiamen, China.