Lite Strategy (NASDAQ:LITS) Releases Earnings Results

Lite Strategy (NASDAQ:LITS) issued its quarterly earnings results on Wednesday. The company reported ($0.66) EPS for the quarter, FiscalAI reports.

Lite Strategy Stock Down 5.6%

Shares of LITS traded down $0.07 during midday trading on Wednesday, hitting $1.18. The company’s stock had a trading volume of 309,580 shares, compared to its average volume of 309,010. Lite Strategy has a one year low of $0.95 and a one year high of $9.00. The stock has a market capitalization of $42.90 million, a price-to-earnings ratio of -0.89 and a beta of 0.25. The company’s fifty day simple moving average is $1.17 and its two-hundred day simple moving average is $1.39.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LITS. Virtu Financial LLC bought a new position in shares of Lite Strategy in the fourth quarter worth about $35,000. HRT Financial LP acquired a new position in Lite Strategy during the 4th quarter worth approximately $42,000. Alpine Global Management LLC bought a new position in Lite Strategy in the 4th quarter valued at approximately $66,000. ADAR1 Capital Management LLC acquired a new stake in Lite Strategy in the fourth quarter valued at approximately $89,000. Finally, Quadrature Capital Ltd acquired a new stake in Lite Strategy in the fourth quarter valued at approximately $112,000. Institutional investors own 52.38% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Lite Strategy from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Lite Strategy presently has an average rating of “Sell”.

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.