Hitek Global Inc. (NASDAQ:HKIT) Sees Significant Growth in Short Interest

Hitek Global Inc. (NASDAQ:HKIT) was the target of a significant growth in short interest in the month of January. As of January 15th, there was short interest totaling 499,331 shares, a growth of 33.6% from the December 31st total of 373,611 shares. Based on an average trading volume of 141,100 shares, the days-to-cover ratio is currently 3.5 days. Based on an average trading volume of 141,100 shares, the days-to-cover ratio is currently 3.5 days.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Hitek Global stock. Susquehanna International Group LLP purchased a new stake in shares of Hitek Global Inc. (NASDAQ:HKIT) in the third quarter, according to its most recent filing with the SEC. The firm purchased 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned 0.29% of Hitek Global at the end of the most recent quarter. 1.19% of the stock is owned by institutional investors and hedge funds.

Hitek Global Stock Performance

Shares of NASDAQ:HKIT traded up $0.02 during midday trading on Tuesday, hitting $1.99. The stock had a trading volume of 13,849 shares, compared to its average volume of 97,810. The company has a quick ratio of 14.21, a current ratio of 14.27 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average price of $1.92 and a two-hundred day moving average price of $1.82. Hitek Global has a 1 year low of $1.15 and a 1 year high of $4.18.

Hitek Global (NASDAQ:HKIT) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported ($0.02) earnings per share for the quarter. The company had revenue of $0.37 million during the quarter.

Analyst Upgrades and Downgrades

HKIT has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Hitek Global in a research report on Tuesday, January 27th. Wall Street Zen upgraded shares of Hitek Global to a “sell” rating in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus 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.