Lite Strategy, Inc. (NASDAQ:LITS) Sees Significant Drop in Short Interest

Lite Strategy, Inc. (NASDAQ:LITS) was the target of a large decline in short interest in October. As of October 15th, there was short interest totaling 108,535 shares, a decline of 41.4% from the September 30th total of 185,289 shares. Based on an average daily trading volume, of 578,797 shares, the short-interest ratio is presently 0.2 days. Currently, 0.4% of the shares of the company are sold short.

Institutional Investors Weigh In On Lite Strategy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. ADAR1 Capital Management LLC purchased a new position in Lite Strategy during the second quarter worth about $62,000. BlackRock Inc. purchased a new stake in shares of Lite Strategy in the 2nd quarter valued at about $254,000. GSA Capital Partners LLP purchased a new stake in shares of Lite Strategy in the 2nd quarter valued at about $57,000. Finally, Renaissance Technologies LLC boosted its position in shares of Lite Strategy by 13.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,744,700 shares of the company’s stock valued at $2,024,000 after acquiring an additional 203,278 shares during the last quarter. Hedge funds and other institutional investors own 52.38% of the company’s stock.

Lite Strategy Trading Down 4.3%

Shares of Lite Strategy stock traded down $0.05 on Friday, reaching $1.12. The stock had a trading volume of 270,469 shares, compared to its average volume of 366,590. The business’s 50 day moving average is $1.17 and its two-hundred day moving average is $1.10. Lite Strategy has a 1 year low of $0.69 and a 1 year high of $2.26. The company has a market cap of $34.06 million, a P/E ratio of -0.57 and a beta of 0.17.

Lite Strategy (NASDAQ:LITS) last posted its earnings results on Monday, September 28th. The company reported ($0.38) earnings per share for the quarter.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings upgraded Lite Strategy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, October 26th. Wall Street Zen upgraded Lite Strategy from a “strong sell” rating to a “sell” rating in a research report on Sunday, October 4th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company currently has a consensus rating of “Sell”.

Lite Strategy Company Profile