Share Buyback Plan Approved by Fitell (NASDAQ:FTEL) Board of Directors

Fitell (NASDAQ:FTEL) announced that its Board of Directors has initiated a stock buyback program on Monday, December 1st, RTT News reports. The company plans to buyback $3.00 million in shares. This buyback authorization authorizes the company to repurchase up to 265.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on FTEL shares. Wall Street Zen raised Fitell from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Fitell Stock Performance

Shares of FTEL traded up $0.35 on Monday, reaching $1.20. The company’s stock had a trading volume of 82,093,150 shares, compared to its average volume of 3,515,374. The stock’s 50 day simple moving average is $3.23 and its two-hundred day simple moving average is $6.76. Fitell has a 12-month low of $0.62 and a 12-month high of $792.00.

About Fitell

Fitell Corporation, together with its subsidiaries, operates as an online retailer of gym and fitness equipment for personal training studios and commercial gyms chains in Australia and Southeast Asia. The company sells fitness equipment, including home gym and commercial strength-training equipment; and cardio equipment, such as rowing machines, exercise bikes, treadmills, and other related products under the Muscle Motion, Rapid Motion, and FleetX brand names.