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

Lite Strategy, Inc. (NASDAQ:LITS) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 185,289 shares, an increase of 121.3% from the September 15th total of 83,719 shares. Approximately 0.6% of the company’s stock are sold short. Based on an average trading volume of 1,309,855 shares, the days-to-cover ratio is currently 0.1 days.

Hedge Funds Weigh In On Lite Strategy

A number of institutional investors have recently bought and sold shares of LITS. ADAR1 Capital Management LLC acquired a new stake in Lite Strategy during the 2nd quarter valued at approximately $62,000. BlackRock Inc. purchased a new stake in shares of Lite Strategy in the 2nd quarter valued at $254,000. GSA Capital Partners LLP purchased a new stake in shares of Lite Strategy in the 2nd quarter valued at $57,000. Renaissance Technologies LLC boosted its holdings in shares of Lite Strategy by 13.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,744,700 shares of the company’s stock valued at $2,024,000 after acquiring an additional 203,278 shares during the last quarter. Finally, Alpine Global Management LLC acquired a new stake in shares of Lite Strategy in the fourth quarter worth $66,000. 52.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on LITS shares. Wall Street Zen upgraded shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a report on Sunday, October 4th. Weiss Ratings lowered shares of Lite Strategy from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the company has an average rating of “Sell”.

Lite Strategy Trading Down 3.3%

Shares of LITS stock traded down $0.04 during mid-day trading on Wednesday, reaching $1.17. The stock had a trading volume of 278,669 shares, compared to its average volume of 407,888. The business’s fifty day moving average is $1.11 and its 200-day moving average is $1.05. The firm has a market cap of $35.58 million, a price-to-earnings ratio of -0.59 and a beta of 0.17. Lite Strategy has a 1-year low of $0.69 and a 1-year high of $2.26.

Lite Strategy (NASDAQ:LITS) last announced its quarterly earnings data on Monday, September 28th. The company reported ($0.38) earnings per share (EPS) for the quarter.

Lite Strategy Company Profile