Hitek Global Inc. (NASDAQ:HKIT) Short Interest Up 2,513.2% in June

Hitek Global Inc. (NASDAQ:HKIT) was the target of a large increase in short interest in June. As of June 15th, there was short interest totaling 713,270 shares, an increase of 2,513.2% from the May 31st total of 27,295 shares. Currently, 20.4% of the company’s stock are short sold. Based on an average trading volume of 76,703,794 shares, the days-to-cover ratio is currently 0.0 days.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wall Street Zen raised Hitek Global to a “hold” rating in a research report 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 research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Hitek Global stock. Susquehanna International Group LLP bought a new position in Hitek Global Inc. (NASDAQ:HKIT) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned about 0.29% of Hitek Global at the end of the most recent quarter. 1.19% of the stock is owned by institutional investors.

Hitek Global Price Performance

HKIT traded up $0.06 during midday trading on Friday, reaching $0.28. The company’s stock had a trading volume of 128,700,360 shares, compared to its average volume of 44,140,968. Hitek Global has a 1 year low of $0.20 and a 1 year high of $627.00. The stock’s 50-day moving average is $1.59 and its 200-day moving average is $144.50.

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

Hitek Global Company Profile

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.