Lite Strategy, Inc. (NASDAQ:LITS) Sees Significant Increase in Short Interest

Lite Strategy, Inc. (NASDAQ:LITS) saw a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 153,829 shares, a growth of 99.5% from the May 14th total of 77,104 shares. Based on an average daily trading volume, of 504,564 shares, the short-interest ratio is presently 0.3 days. Currently, 0.5% of the company’s shares are short sold.

Institutional Investors Weigh In On Lite Strategy

Several large investors have recently added to or reduced their stakes in LITS. Virtu Financial LLC purchased a new stake in Lite Strategy in the 4th quarter valued at about $35,000. HRT Financial LP purchased a new stake in Lite Strategy in the 4th quarter valued at about $42,000. Alpine Global Management LLC purchased a new stake in Lite Strategy in the 4th quarter valued at about $66,000. ADAR1 Capital Management LLC purchased a new stake in Lite Strategy in the 4th quarter valued at about $89,000. Finally, Quadrature Capital Ltd purchased a new stake in Lite Strategy in the 4th quarter valued at about $112,000. 52.38% of the stock is owned by hedge funds and other institutional investors.

Lite Strategy Trading Up 0.2%

Shares of LITS stock traded up $0.00 during trading hours on Friday, reaching $0.74. 155,810 shares of the stock were exchanged, compared to its average volume of 538,748. Lite Strategy has a 12-month low of $0.69 and a 12-month high of $9.00. The company’s 50-day moving average price is $1.07 and its 200-day moving average price is $1.25. The firm has a market capitalization of $25.22 million, a price-to-earnings ratio of -0.46 and a beta of 0.21.

Lite Strategy (NASDAQ:LITS) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.66) EPS for the quarter.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Wall Street Zen raised shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lite Strategy in a research note on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Lite Strategy 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.