Lite Strategy (NASDAQ:LITS) Director Buys $98,000.00 in Stock

Lite Strategy, Inc. (NASDAQ:LITS) Director James Flynn purchased 70,000 shares of the stock in a transaction on Friday, December 19th. The shares were purchased at an average price of $1.40 per share, with a total value of $98,000.00. Following the acquisition, the director owned 100,000 shares in the company, valued at approximately $140,000. The trade was a 233.33% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Lite Strategy Price Performance

NASDAQ LITS traded down $0.02 during trading hours on Monday, hitting $1.41. The company’s stock had a trading volume of 645,279 shares, compared to its average volume of 601,508. Lite Strategy, Inc. has a 52 week low of $1.33 and a 52 week high of $9.00. The stock has a market capitalization of $51.86 million, a P/E ratio of -1.42 and a beta of 0.23. The company’s 50-day moving average price is $1.86.

Lite Strategy (NASDAQ:LITS) last posted its quarterly earnings results on Friday, November 14th. The company reported ($0.12) earnings per share (EPS) for the quarter.

Lite Strategy declared that its board has initiated a share repurchase program on Wednesday, October 29th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the company to reacquire up to 36.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

LITS has been the topic of several analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lite Strategy in a report on Wednesday, December 10th. Wall Street Zen upgraded Lite Strategy from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock presently has a consensus rating of “Sell”.

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.