Lite Strategy (NASDAQ:LITS) Upgraded to “Sell” at Wall Street Zen

Wall Street Zen upgraded shares of Lite Strategy (NASDAQ:LITS) from a strong sell rating to a sell rating in a report issued on Saturday.

Lite Strategy Stock Down 4.1%

NASDAQ:LITS opened at $1.17 on Friday. Lite Strategy has a twelve month low of $0.95 and a twelve month high of $9.00. The stock has a market cap of $39.82 million, a P/E ratio of -0.88 and a beta of 0.25. The firm’s fifty day simple moving average is $1.17 and its 200 day simple moving average is $1.39.

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

Hedge Funds Weigh In On Lite Strategy

A number of hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC raised its position in Lite Strategy by 13.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,744,700 shares of the company’s stock worth $2,024,000 after buying an additional 203,278 shares during the last quarter. Mozayyx Management LLC purchased a new stake in shares of Lite Strategy during the 4th quarter valued at about $739,000. Alpine Global Management LLC purchased a new stake in shares of Lite Strategy during the 4th quarter valued at about $66,000. Virtu Financial LLC purchased a new stake in shares of Lite Strategy during the 4th quarter valued at about $35,000. Finally, XTX Topco Ltd purchased a new stake in shares of Lite Strategy during the 4th quarter valued at about $147,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

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.