Fitell Corp (NASDAQ:GMEX) Stock Short Interest Rises 76.9%

Fitell Corp (NASDAQ:GMEX) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totaling 55,579 shares, an increase of 76.9% from the September 30th total of 31,421 shares. Approximately 7.4% of the company’s stock are sold short. Based on an average trading volume of 538,989 shares, the short-interest ratio is currently 0.1 days.

Fitell Stock Down 34.4%

GMEX stock traded down $0.30 during midday trading on Tuesday, reaching $0.57. The company had a trading volume of 381,664 shares, compared to its average volume of 225,541. The company’s 50 day moving average price is $3.71. Fitell has a 1 year low of $0.50 and a 1 year high of $15,830.64.

Fitell (NASDAQ:GMEX) last posted its quarterly earnings results on Monday, November 2nd. The company reported ($500.53) EPS for the quarter. The firm had revenue of $1.44 million for the quarter. On average, research analysts anticipate that Fitell will post -18.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on GMEX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research report on Friday, July 24th. Wall Street Zen downgraded Fitell from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the company presently has a consensus rating of “Sell”.

Fitell Company Profile

Fitell Corporation is an Australia-based fitness equipment retailer and distributor. Through its Gym Direct and related operations, the company offers a range of products for home, commercial and institutional fitness environments, including strength-training equipment, cardio machines, free weights, accessories and gym fit-out solutions.

The company serves individual consumers, gyms, personal trainers, sports clubs, schools and other commercial customers through online and business-to-business sales channels.