Lite Strategy, Inc. (NASDAQ:LITS) Sees Large Decline in Short Interest

Lite Strategy, Inc. (NASDAQ:LITS) was the target of a significant decline in short interest in the month of June. As of June 15th, there was short interest totaling 97,202 shares, a decline of 36.8% from the May 31st total of 153,829 shares. Based on an average daily volume of 529,022 shares, the short-interest ratio is presently 0.2 days. Approximately 0.3% of the company’s shares are sold short.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen raised Lite Strategy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings restated a “sell (e+)” rating on shares of Lite Strategy in a research report on Monday, June 1st. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Lite Strategy presently has an average rating of “Sell”.

Lite Strategy Price Performance

Shares of NASDAQ LITS traded down $0.01 during midday trading on Thursday, reaching $0.95. 121,254 shares of the stock were exchanged, compared to its average volume of 389,380. Lite Strategy has a 12 month low of $0.69 and a 12 month high of $9.00. The company has a market capitalization of $32.50 million, a price-to-earnings ratio of -0.60 and a beta of 0.22. The business has a 50-day simple moving average of $1.00 and a two-hundred day simple moving average of $1.16.

Lite Strategy (NASDAQ:LITS) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.66) EPS for the quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in shares of Lite Strategy during the fourth quarter worth about $35,000. HRT Financial LP bought a new position in shares of Lite Strategy during the 4th quarter valued at about $42,000. Alpine Global Management LLC acquired a new position in shares of Lite Strategy in the 4th quarter valued at approximately $66,000. ADAR1 Capital Management LLC acquired a new position in shares of Lite Strategy in the 4th quarter valued at approximately $89,000. Finally, Quadrature Capital Ltd bought a new stake in Lite Strategy during the 4th quarter worth approximately $112,000. 52.38% of the stock is owned by institutional investors and hedge funds.

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.