Lite Strategy (NASDAQ:LITS) Stock Price Up 2.8% – What’s Next?

Lite Strategy, Inc. (NASDAQ:LITS)’s share price was up 2.8% during trading on Tuesday . The company traded as high as $1.51 and last traded at $1.49. Approximately 296,918 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 725,848 shares. The stock had previously closed at $1.45.

Wall Street Analysts Forecast Growth

LITS has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lite Strategy in a report on Monday, December 22nd. Wall Street Zen upgraded shares of Lite Strategy from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Lite Strategy presently has an average rating of “Sell”.

Lite Strategy Price Performance

The business’s 50 day moving average price is $1.67. The stock has a market cap of $54.79 million, a PE ratio of -1.51 and a beta of 0.27.

Lite Strategy (NASDAQ:LITS) last announced its quarterly earnings data on Friday, November 14th. The company reported ($0.12) EPS for the quarter.

Lite Strategy declared that its Board of Directors has approved a stock repurchase program on Wednesday, October 29th that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the company to purchase up to 36.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Lite Strategy news, Director James P. Flynn purchased 70,000 shares of the stock in a transaction on Friday, December 19th. The shares were purchased at an average price of $1.40 per share, with a total value of $98,000.00. Following the acquisition, the director directly owned 100,000 shares of the company’s stock, valued at $140,000. This represents a 233.33% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Alexander Schornstein sold 690,611 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $1.37, for a total transaction of $946,137.07. Following the completion of the transaction, the insider owned 3,674,862 shares of the company’s stock, valued at approximately $5,034,560.94. This represents a 15.82% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

About Lite Strategy

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.