James Flynn Purchases 25,000 Shares of Lite Strategy (NASDAQ:LITS) Stock

Lite Strategy, Inc. (NASDAQ:LITS) Director James Flynn bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The stock was purchased at an average cost of $0.86 per share, with a total value of $21,500.00. Following the completion of the transaction, the director directly owned 125,000 shares in the company, valued at $107,500. This represents a 25.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Lite Strategy Stock Performance

Shares of NASDAQ:LITS opened at $0.88 on Friday. Lite Strategy, Inc. has a 52-week low of $0.69 and a 52-week high of $9.00. The business’s 50 day simple moving average is $1.02 and its two-hundred day simple moving average is $1.18. The firm has a market cap of $29.88 million, a P/E ratio of -0.55 and a beta of 0.21.

Lite Strategy (NASDAQ:LITS) last issued its earnings results on Wednesday, May 13th. The company reported ($0.66) earnings per share for the quarter.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new stake in Lite Strategy in the 4th quarter valued at about $2,035,000. Marshall Wace LLP bought a new position in Lite Strategy during the fourth quarter worth about $1,002,000. Mozayyx Management LLC purchased a new position in shares of Lite Strategy in the fourth quarter worth about $739,000. Geode Capital Management LLC purchased a new position in shares of Lite Strategy in the fourth quarter worth about $437,000. Finally, Polar Asset Management Partners Inc. bought a new stake in shares of Lite Strategy in the fourth quarter valued at approximately $365,000. Institutional investors own 52.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on LITS. 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. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lite Strategy in a research report on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Lite Strategy presently has an average rating of “Sell”.

Lite Strategy Company Profile

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.