Hitek Global Inc. (NASDAQ:HKIT) Sees Large Increase in Short Interest

Hitek Global Inc. (NASDAQ:HKIT) was the target of a large growth in short interest in June. As of June 15th, there was short interest totaling 713,270 shares, a growth of 2,513.2% from the May 31st total of 27,295 shares. Based on an average daily trading volume, of 76,703,794 shares, the short-interest ratio is presently 0.0 days. Currently, 20.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Hitek Global stock. XTX Topco Ltd bought a new stake in Hitek Global Inc. (NASDAQ:HKIT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,063 shares of the company’s stock, valued at approximately $25,000. Institutional investors own 1.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on HKIT. Wall Street Zen raised shares of 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 report on Friday, April 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of “Sell”.

Hitek Global Stock Performance

HKIT opened at $0.22 on Friday. The firm’s 50-day moving average price is $1.65 and its 200-day moving average price is $146.04. Hitek Global has a 52-week low of $0.20 and a 52-week high of $627.00.

Hitek Global (NASDAQ:HKIT) last issued its quarterly earnings results on Friday, April 24th. The company reported $2.28 earnings per share (EPS) for the quarter. The company had revenue of $2.90 million for the quarter.

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.