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

Hitek Global Inc. (NASDAQ:HKIT) saw a significant decrease in short interest in the month of January. As of January 30th, there was short interest totaling 366,390 shares, a decrease of 26.6% from the January 15th total of 499,331 shares. Currently, 2.5% of the company’s shares are short sold. Based on an average trading volume of 69,800 shares, the short-interest ratio is presently 5.2 days. Based on an average trading volume of 69,800 shares, the short-interest ratio is presently 5.2 days. Currently, 2.5% of the company’s shares are short sold.

Wall Street Analyst Weigh In

HKIT has been the topic of several recent analyst reports. Wall Street Zen raised Hitek Global to a “sell” rating in a research note on Friday, January 23rd. Weiss Ratings restated a “sell (d)” rating on shares of Hitek Global in a report on Tuesday, January 27th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has an average rating of “Sell”.

Institutional Trading of Hitek Global

A hedge fund recently bought a new stake in Hitek Global stock. Susquehanna International Group LLP bought a new stake in Hitek Global Inc. (NASDAQ:HKIT) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned 0.29% of Hitek Global at the end of the most recent quarter. Institutional investors own 1.19% of the company’s stock.

Hitek Global Stock Performance

HKIT opened at $1.97 on Friday. The stock’s 50-day moving average price is $1.99 and its 200 day moving average price is $1.86. Hitek Global has a 12-month low of $1.16 and a 12-month high of $4.18. The company has a debt-to-equity ratio of 0.07, a current ratio of 14.27 and a quick ratio of 14.21.

Hitek Global (NASDAQ:HKIT) last released its earnings results on Wednesday, October 22nd. The company reported ($0.02) earnings per share for the quarter. The business had revenue of $0.37 million during the quarter.

Hitek Global Company Profile

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.