Hitek Global Inc. (NASDAQ:HKIT) Sees Large Increase in Short Interest

Hitek Global Inc. (NASDAQ:HKIT) saw a large growth in short interest in the month of June. As of June 15th, there was short interest totaling 713,270 shares, a growth of 2,513.2% from the May 31st total of 27,295 shares. Currently, 20.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 76,703,794 shares, the short-interest ratio is presently 0.0 days.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on HKIT. Weiss Ratings reiterated a “sell (d)” rating on shares of Hitek Global in a research note on Friday, April 24th. Wall Street Zen raised Hitek Global to a “hold” rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell”.

Hitek Global Price Performance

Hitek Global stock traded down $0.05 during mid-day trading on Thursday, reaching $0.22. 3,126,621 shares of the company’s stock traded hands, compared to its average volume of 43,983,876. The stock has a 50 day moving average of $1.65 and a two-hundred day moving average of $146.04. Hitek Global has a 12-month low of $0.20 and a 12-month high of $627.00.

Hitek Global (NASDAQ:HKIT) last issued its quarterly earnings data on Friday, April 24th. The company reported $2.28 EPS for the quarter. The business had revenue of $2.90 million during the quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Hitek Global stock. XTX Topco Ltd acquired a new stake in shares of Hitek Global Inc. (NASDAQ:HKIT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,063 shares of the company’s stock, valued at approximately $25,000. Hedge funds and other institutional investors own 1.19% of the company’s stock.

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.