Short Interest in Hitek Global Inc. (NASDAQ:HKIT) Decreases By 40.5%

Hitek Global Inc. (NASDAQ:HKIT) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totaling 6,356 shares, a decline of 40.5% from the July 15th total of 10,684 shares. Based on an average trading volume of 96,910 shares, the short-interest ratio is presently 0.1 days. Approximately 0.1% of the shares of the company are short sold.

Hitek Global Price Performance

Shares of NASDAQ:HKIT traded down $0.03 during trading hours on Tuesday, hitting $3.00. The stock had a trading volume of 453,746 shares, compared to its average volume of 303,089. The stock’s fifty day simple moving average is $5.20 and its 200 day simple moving average is $1,710.54. Hitek Global has a 1-year low of $2.36 and a 1-year high of $15,675.00.

Institutional Trading of Hitek Global

A hedge fund recently bought a new position in Hitek Global stock. XTX Topco Ltd bought a new stake in shares of Hitek Global Inc. (NASDAQ:HKIT) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,063 shares of the company’s stock, valued at approximately $25,000. Hedge funds and other institutional investors own 1.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on HKIT shares. Wall Street Zen upgraded Hitek Global to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of Hitek Global in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

About Hitek Global

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.