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

Hitek Global Inc. (NASDAQ:HKIT) was the recipient of a large drop in short interest in the month of May. As of May 29th, there was short interest totaling 27,295 shares, a drop of 91.3% from the May 14th total of 314,931 shares. Based on an average trading volume of 145,795 shares, the days-to-cover ratio is presently 0.2 days. Currently, 14.0% of the shares of the stock are sold short.

Hitek Global Trading Down 13.3%

Shares of Hitek Global stock traded down $0.04 on Tuesday, hitting $0.27. 26,299,040 shares of the company were exchanged, compared to its average volume of 15,663,106. The company has a 50-day moving average price of $2.87 and a 200 day moving average price of $166.57. Hitek Global has a 1-year low of $0.23 and a 1-year high of $627.00.

Hitek Global (NASDAQ:HKIT) last issued its earnings results on Friday, April 24th. The company reported $2.28 earnings per share for the quarter. The company had revenue of $2.90 million for the quarter.

Hedge Funds Weigh In On Hitek Global

A hedge fund recently bought a new stake in Hitek Global stock. XTX Topco Ltd bought a new stake in Hitek Global Inc. (NASDAQ:HKIT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 11,063 shares of the company’s stock, valued at approximately $25,000. Institutional investors and hedge funds own 1.19% of the company’s stock.

Analyst Upgrades and Downgrades

HKIT has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Hitek Global to a “hold” rating in a research note on Saturday, May 30th. Weiss Ratings restated a “sell (d)” rating on shares of Hitek Global in a research report on Friday, April 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Hitek Global 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.