Lite Strategy, Inc. (NASDAQ:LITS) Short Interest Update

Lite Strategy, Inc. (NASDAQ:LITS) was the target of a large drop in short interest during the month of June. As of June 15th, there was short interest totaling 97,202 shares, a drop of 36.8% from the May 31st total of 153,829 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average daily volume of 529,022 shares, the short-interest ratio is currently 0.2 days.

Institutional Trading of Lite Strategy

Large investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new stake in Lite Strategy during the 4th quarter valued at $35,000. HRT Financial LP bought a new position in shares of Lite Strategy in the fourth quarter worth $42,000. Alpine Global Management LLC bought a new position in shares of Lite Strategy in the fourth quarter worth $66,000. ADAR1 Capital Management LLC acquired a new position in shares of Lite Strategy during the fourth quarter valued at $89,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Lite Strategy during the fourth quarter valued at $112,000. 52.38% of the stock is currently owned by institutional investors and hedge funds.

Lite Strategy Stock Performance

NASDAQ LITS opened at $0.95 on Friday. Lite Strategy has a 52 week low of $0.69 and a 52 week high of $9.00. The stock has a market cap of $32.34 million, a price-to-earnings ratio of -0.59 and a beta of 0.21. The company has a 50-day moving average price of $0.99 and a two-hundred day moving average price of $1.15.

Lite Strategy (NASDAQ:LITS) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.66) EPS for the quarter.

Wall Street Analysts Forecast Growth

LITS has been the subject of a number of recent research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Lite Strategy in a research note on Monday, June 1st. Wall Street Zen upgraded Lite Strategy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

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.