Lite Strategy, Inc. (NASDAQ:LITS) Sees Significant Increase in Short Interest

Lite Strategy, Inc. (NASDAQ:LITS) saw a large increase in short interest in the month of May. As of May 29th, there was short interest totaling 153,829 shares, an increase of 99.5% from the May 14th total of 77,104 shares. Currently, 0.5% of the company’s shares are sold short. Based on an average daily trading volume, of 504,564 shares, the short-interest ratio is currently 0.3 days.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Lite Strategy in a research report on Monday, June 1st. Wall Street Zen raised shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Lite Strategy Price Performance

Shares of NASDAQ:LITS traded up $0.00 during trading hours on Friday, hitting $0.74. The company’s stock had a trading volume of 155,810 shares, compared to its average volume of 538,748. Lite Strategy has a 52 week low of $0.69 and a 52 week high of $9.00. The company has a market capitalization of $25.22 million, a price-to-earnings ratio of -0.46 and a beta of 0.21. The firm’s fifty day moving average price is $1.07 and its 200 day moving average price is $1.25.

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

Institutional Investors Weigh In On Lite Strategy

Several large investors have recently modified their holdings of LITS. Geode Capital Management LLC bought a new stake in shares of Lite Strategy in the 4th quarter valued at about $437,000. Renaissance Technologies LLC bought a new stake in shares of Lite Strategy in the 4th quarter valued at about $2,035,000. HRT Financial LP bought a new stake in shares of Lite Strategy in the 4th quarter valued at about $42,000. Jane Street Group LLC bought a new stake in shares of Lite Strategy in the 4th quarter valued at about $200,000. Finally, State Street Corp bought a new stake in shares of Lite Strategy in the 4th quarter valued at about $152,000. Institutional investors own 52.38% of the company’s stock.

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.