Global Interactive Technologies, Inc. (NASDAQ:GITS) Short Interest Up 567.7% in June

Global Interactive Technologies, Inc. (NASDAQ:GITS) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 163,934 shares, a growth of 567.7% from the June 15th total of 24,553 shares. Based on an average daily volume of 3,716,702 shares, the short-interest ratio is currently 0.0 days. Approximately 4.9% of the shares of the company are sold short.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Global Interactive Technologies stock. Bank of America Corp DE purchased a new position in shares of Global Interactive Technologies, Inc. (NASDAQ:GITS) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 53,206 shares of the company’s stock, valued at approximately $119,000. Bank of America Corp DE owned approximately 1.45% of Global Interactive Technologies at the end of the most recent reporting period. Hedge funds and other institutional investors own 0.22% of the company’s stock.

Global Interactive Technologies Price Performance

Shares of NASDAQ GITS traded down $0.04 during trading on Friday, hitting $2.08. 18,438 shares of the company were exchanged, compared to its average volume of 1,987,651. The company has a market cap of $7.63 million, a price-to-earnings ratio of -1.48 and a beta of -0.66. Global Interactive Technologies has a 1 year low of $0.66 and a 1 year high of $7.09. The firm’s fifty day moving average price is $1.82 and its 200 day moving average price is $1.98.

Global Interactive Technologies (NASDAQ:GITS) last posted its quarterly earnings results on Monday, June 22nd. The company reported ($0.14) earnings per share for the quarter. The firm had revenue of $0.00 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Global Interactive Technologies in a research note on Wednesday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has an average rating of “Sell”.

Global Interactive Technologies Company Profile

Global Interactive Technologies, Inc engages in the provision of a global multi-media platform for users to interact with other like-minded users to share appreciation of various types of entertainment and cultures such as K-POP and modern Korean culture. It operates through the FANTOO platform. The company was founded on October 20, 2021 and is headquartered in Seoul, South Korea.