Fitell (NASDAQ:FTEL) Shares Down 1.6% – What’s Next?

Shares of Fitell Corporation (NASDAQ:FTEL) were down 1.6% during trading on Wednesday . The stock traded as low as $3.01 and last traded at $3.02. Approximately 75,951 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 325,608 shares. The stock had previously closed at $3.07.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FTEL. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fitell in a report on Wednesday, October 8th. Wall Street Zen upgraded Fitell from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Fitell Stock Down 1.6%

The business’s 50 day moving average price is $5.95 and its two-hundred day moving average price is $40.95.

Fitell (NASDAQ:FTEL) last issued its quarterly earnings data on Friday, November 14th. The company reported $335,544.32 EPS for the quarter. The company had revenue of $1.28 million during the quarter.

Fitell Announces Dividend

The company also recently declared a dividend, which was paid on Tuesday, January 13th. Stockholders of record on Tuesday, December 30th were paid a $0.10 dividend. This represents a dividend yield of 2,931.0%. The ex-dividend date was Tuesday, December 30th.

Fitell announced that its board has authorized a stock buyback plan on Monday, December 1st that permits the company to buyback $3.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 265.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Fitell

An institutional investor recently raised its position in Fitell stock. Vanguard Personalized Indexing Management LLC raised its position in Fitell Corporation (NASDAQ:FTEL) by 114.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 67,500 shares of the company’s stock after purchasing an additional 35,966 shares during the quarter. Vanguard Personalized Indexing Management LLC owned 0.32% of Fitell worth $34,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 0.10% of the company’s stock.

Fitell Company Profile

Fitell Corporation, together with its subsidiaries, operates as an online retailer of gym and fitness equipment for personal training studios and commercial gyms chains in Australia and Southeast Asia. The company sells fitness equipment, including home gym and commercial strength-training equipment; and cardio equipment, such as rowing machines, exercise bikes, treadmills, and other related products under the Muscle Motion, Rapid Motion, and FleetX brand names. It is also involved in the boutique fitness clubs licensing business.