Lite Strategy, Inc. (NASDAQ:LITS) Sees Large Decline in Short Interest

Lite Strategy, Inc. (NASDAQ:LITS) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 97,202 shares, a decrease of 36.8% from the May 31st total of 153,829 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 529,022 shares, the days-to-cover ratio is presently 0.2 days.

Lite Strategy Stock Down 1.5%

Shares of NASDAQ:LITS traded down $0.01 during mid-day trading on Thursday, reaching $0.95. 121,254 shares of the stock were exchanged, compared to its average volume of 389,380. The company has a market cap of $32.50 million, a P/E ratio of -0.60 and a beta of 0.22. Lite Strategy has a one year low of $0.69 and a one year high of $9.00. The stock’s 50 day simple moving average is $1.00 and its 200-day simple moving average is $1.16.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lite Strategy in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Lite Strategy currently has a consensus rating of “Sell”.

Institutional Trading of Lite Strategy

A number of hedge funds and other institutional investors have recently made changes to their positions in LITS. Virtu Financial LLC bought a new stake in shares of Lite Strategy in the fourth quarter worth $35,000. HRT Financial LP bought a new position in Lite Strategy in the fourth quarter valued at $42,000. Alpine Global Management LLC bought a new position in Lite Strategy in the fourth quarter valued at $66,000. ADAR1 Capital Management LLC acquired a new stake in Lite Strategy in the 4th quarter valued at $89,000. Finally, Quadrature Capital Ltd acquired a new stake in Lite Strategy in the 4th quarter valued at $112,000. 52.38% of the stock is currently owned by institutional investors and hedge funds.

Lite Strategy Company Profile

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.