Hitek Global Inc. (NASDAQ:HKIT) Short Interest Down 92.9% in July

Hitek Global Inc. (NASDAQ:HKIT) was the target of a large decline in short interest in July. As of July 15th, there was short interest totaling 10,684 shares, a decline of 92.9% from the June 30th total of 150,014 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average trading volume of 206,442 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Hitek Global stock. XTX Topco Ltd bought a new stake in shares of Hitek Global Inc. (NASDAQ:HKIT) during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 11,063 shares of the company’s stock, valued at approximately $25,000. Hedge funds and other institutional investors own 1.19% of the company’s stock.

Hitek Global Price Performance

NASDAQ HKIT traded up $0.25 during trading hours on Friday, reaching $3.56. The company’s stock had a trading volume of 65,780 shares, compared to its average volume of 451,746. The company’s 50-day moving average is $15.74 and its two-hundred day moving average is $2,581.93. Hitek Global has a fifty-two week low of $2.92 and a fifty-two week high of $15,675.00.

Hitek Global (NASDAQ:HKIT) last announced its earnings results on Friday, April 24th. The company reported $57.00 earnings per share (EPS) for the quarter. The business had revenue of $2.90 million for the quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Wall Street Zen upgraded Hitek Global to a “hold” rating in a report on Saturday, May 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of Hitek Global in a research report on Tuesday. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

About Hitek Global

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.