Lite Strategy (NASDAQ:LITS) Posts Earnings Results

Lite Strategy (NASDAQ:LITS) announced its quarterly earnings results on Tuesday. The company reported ($0.82) earnings per share (EPS) for the quarter, FiscalAI reports.

Lite Strategy Price Performance

Shares of LITS stock opened at $1.10 on Thursday. Lite Strategy has a 12 month low of $0.95 and a 12 month high of $9.00. The company’s 50-day moving average price is $1.33. The firm has a market capitalization of $40.45 million, a price-to-earnings ratio of -1.11 and a beta of 0.32.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on LITS shares. Wall Street Zen downgraded Lite Strategy from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lite Strategy in a report on Monday, December 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Lite Strategy declared that its board has approved a share buyback plan on Wednesday, October 29th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the company to buy up to 36.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, major shareholder Alexander Schornstein sold 690,611 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $1.37, for a total transaction of $946,137.07. Following the completion of the sale, the insider owned 3,674,862 shares in the company, valued at $5,034,560.94. The trade was a 15.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James P. Flynn bought 70,000 shares of Lite Strategy stock in a transaction dated Friday, December 19th. The stock was acquired at an average cost of $1.40 per share, with a total value of $98,000.00. Following the completion of the acquisition, the director owned 100,000 shares of the company’s stock, valued at $140,000. This represents a 233.33% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Lite Strategy

Several institutional investors have recently added to or reduced their stakes in the company. HRT Financial LP bought a new stake in shares of Lite Strategy in the 4th quarter worth approximately $42,000. ADAR1 Capital Management LLC purchased a new position in shares of Lite Strategy during the fourth quarter valued at about $89,000. Quadrature Capital Ltd bought a new position in Lite Strategy in the fourth quarter worth about $112,000. XTX Topco Ltd purchased a new position in shares of Lite Strategy during the 4th quarter worth approximately $147,000. Finally, State Street Corp purchased a new position in shares of Lite Strategy in the 4th quarter valued at approximately $152,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

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.