Lite Strategy, Inc. (NASDAQ:LITS – Get Free Report) saw a large decrease in short interest during the month of June. As of June 15th, there was short interest totaling 97,202 shares, a decrease of 36.8% from the May 31st total of 153,829 shares. Based on an average daily volume of 529,022 shares, the days-to-cover ratio is currently 0.2 days. Currently, 0.3% of the company’s shares are short sold.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new stake in Lite Strategy in the fourth quarter worth $35,000. HRT Financial LP acquired a new position in shares of Lite Strategy during the fourth quarter valued at about $42,000. Alpine Global Management LLC acquired a new position in shares of Lite Strategy during the fourth quarter valued at about $66,000. ADAR1 Capital Management LLC bought a new position in shares of Lite Strategy during the 4th quarter worth about $89,000. Finally, Quadrature Capital Ltd bought a new position in shares of Lite Strategy during the 4th quarter worth about $112,000. 52.38% of the stock is owned by institutional investors.
Lite Strategy Stock Performance
LITS stock remained flat at $0.95 during mid-day trading on Friday. The company’s stock had a trading volume of 189,467 shares, compared to its average volume of 430,116. Lite Strategy has a 1-year low of $0.69 and a 1-year high of $9.00. The business’s 50 day moving average price is $1.00 and its 200 day moving average price is $1.15. The company has a market capitalization of $32.34 million, a P/E ratio of -0.59 and a beta of 0.21.
Wall Street Analyst Weigh In
LITS has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Lite Strategy in a research note on Monday, June 1st. Wall Street Zen raised shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of “Sell”.
View Our Latest Stock Analysis on Lite Strategy
About Lite Strategy
MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.
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