Lite Strategy, Inc. (NASDAQ:LITS) Short Interest Up 99.5% in May

Lite Strategy, Inc. (NASDAQ:LITS) was the target of a large increase in short interest during the month of May. As of May 29th, there was short interest totaling 153,829 shares, an increase of 99.5% from the May 14th total of 77,104 shares. Based on an average daily trading volume, of 504,564 shares, the short-interest ratio is currently 0.3 days. Currently, 0.5% of the shares of the company are sold short.

Institutional Trading of Lite Strategy

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in shares of Lite Strategy during the 4th quarter worth approximately $35,000. HRT Financial LP bought a new position in Lite Strategy in the 4th quarter valued at approximately $42,000. Alpine Global Management LLC bought a new position in Lite Strategy in the 4th quarter valued at approximately $66,000. ADAR1 Capital Management LLC bought a new position in Lite Strategy in the 4th quarter valued at approximately $89,000. Finally, Quadrature Capital Ltd bought a new position in Lite Strategy in the 4th quarter valued at approximately $112,000. Institutional investors own 52.38% of the company’s stock.

Lite Strategy Trading Up 12.2%

Shares of NASDAQ:LITS traded up $0.10 on Tuesday, reaching $0.90. 1,177,459 shares of the company’s stock were exchanged, compared to its average volume of 391,385. The company has a fifty day moving average of $1.07 and a 200-day moving average of $1.23. Lite Strategy has a twelve month low of $0.69 and a twelve month high of $9.00. The company has a market capitalization of $30.55 million, a price-to-earnings ratio of -0.56 and a beta of 0.21.

Lite Strategy (NASDAQ:LITS) last announced its earnings results on Wednesday, May 13th. The company reported ($0.66) earnings per share (EPS) for the quarter.

Analysts Set New Price Targets

A number of brokerages recently commented on LITS. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lite Strategy in a research note on Monday, June 1st. Wall Street Zen upgraded shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, Lite Strategy presently has an average rating of “Sell”.

About Lite Strategy

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.