Lite Strategy, Inc. (NASDAQ:LITS) Shares Shorted: Short Interest Down 41.4% in October

by · The Markets Daily

Lite Strategy, Inc. (NASDAQ:LITS – Get Free Report) was the recipient of a large decrease in short interest in the month of October. As of October 15th, there was short interest totaling 108,535 shares, a decrease of 41.4% from the September 30th total of 185,289 shares. Currently, 0.4% of the shares of the company are sold short. Based on an average daily volume of 578,797 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Investors Weigh In On Lite Strategy

Several large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position in Lite Strategy by 13.2% during the first quarter. Renaissance Technologies LLC now owns 1,744,700 shares of the company’s stock worth $2,024,000 after purchasing an additional 203,278 shares during the period. BlackRock Inc. bought a new stake in shares of Lite Strategy in the second quarter valued at approximately $254,000. ADAR1 Capital Management LLC bought a new stake in shares of Lite Strategy in the second quarter valued at approximately $62,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Lite Strategy during the 2nd quarter valued at approximately $57,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

Lite Strategy Stock Down 4.3%

Lite Strategy stock traded down $0.05 during trading on Friday, hitting $1.12. The stock had a trading volume of 270,469 shares, compared to its average volume of 366,590. The stock’s 50 day moving average is $1.17 and its two-hundred day moving average is $1.10. Lite Strategy has a 1 year low of $0.69 and a 1 year high of $2.26. The stock has a market cap of $34.06 million, a price-to-earnings ratio of -0.57 and a beta of 0.17.

Lite Strategy (NASDAQ:LITS – Get Free Report) last released its earnings results on Monday, September 28th. The company reported ($0.38) earnings per share (EPS) for the quarter.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on LITS shares. Wall Street Zen upgraded Lite Strategy from a “strong sell” rating to a “sell” rating in a research note on Sunday, October 4th. Weiss Ratings upgraded shares of Lite Strategy from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, October 26th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

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