Lite Strategy (NASDAQ:LITS) Major Shareholder Alexander Schornstein Sells 690,611 Shares

Lite Strategy, Inc. (NASDAQ:LITS) major shareholder Alexander Schornstein sold 690,611 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $1.37, for a total value of $946,137.07. Following the sale, the insider directly owned 3,674,862 shares of the company’s stock, valued at $5,034,560.94. This represents a 15.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Lite Strategy Trading Down 1.4%

Shares of LITS stock traded down $0.02 on Monday, hitting $1.41. 645,279 shares of the stock traded hands, compared to its average volume of 601,508. Lite Strategy, Inc. has a 52 week low of $1.33 and a 52 week high of $9.00. The business has a 50 day moving average price of $1.86. The stock has a market cap of $51.86 million, a price-to-earnings ratio of -1.42 and a beta of 0.23.

Lite Strategy (NASDAQ:LITS) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.12) EPS for the quarter.

Lite Strategy declared that its board has approved a stock repurchase program on Wednesday, October 29th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 36.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

LITS has been the topic of a number of research analyst reports. Wall Street Zen upgraded Lite Strategy from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Weiss Ratings restated a “sell (e+)” rating on shares of Lite Strategy in a research report on Wednesday, December 10th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Lite Strategy presently has a consensus 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.