Fitell Corp (NASDAQ:GMEX) Short Interest Update

Fitell Corp (NASDAQ:GMEX) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totaling 149,900 shares, an increase of 155.9% from the August 31st total of 58,589 shares. Based on an average daily trading volume, of 3,142,494 shares, the days-to-cover ratio is currently 0.0 days. Approximately 16.7% of the shares of the company are sold short.

Wall Street Analyst Weigh In

GMEX has been the subject of a number of research reports. Wall Street Zen downgraded Fitell from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research note on Friday, July 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell”.

Fitell Price Performance

Fitell stock traded down $0.02 during mid-day trading on Friday, reaching $0.37. 859,986 shares of the company were exchanged, compared to its average volume of 4,202,828. The company has a debt-to-equity ratio of 3.78, a current ratio of 4.88 and a quick ratio of 3.98. The firm’s fifty day simple moving average is $0.98. Fitell has a 12 month low of $0.35 and a 12 month high of $3,150.00.

Shares of Fitell are set to reverse split on Monday, September 28th. The 1-9 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, September 27th.

Fitell Company Profile

Fitell Limited is an Australia-based fitness and wellness company that sells exercise equipment, accessories and related products through online and retail channels. Its product range includes strength-training equipment, free weights, benches, racks, gym accessories and selected cardiovascular products for home users, gyms and other fitness facilities.

The company serves customers primarily in Australia and has developed an e-commerce-led business model supported by product sourcing, fulfillment and retail operations.