Fitell Corp (NASDAQ:GMEX) Stock Short Interest Drops 77.1%

Fitell Corp (NASDAQ:GMEX) saw a significant decline in short interest in the month of October. As of October 30th, there was short interest totaling 12,722 shares, a decline of 77.1% from the October 15th total of 55,579 shares. Based on an average trading volume of 1,235,611 shares, the days-to-cover ratio is currently 0.0 days. Approximately 1.7% of the shares of the company are short sold.

Fitell Price Performance

Shares of Fitell stock traded down $0.02 on Friday, hitting $0.41. The company’s stock had a trading volume of 357,046 shares, compared to its average volume of 256,077. Fitell has a 1 year low of $0.36 and a 1 year high of $9,072.00. The company has a quick ratio of 9.68, a current ratio of 10.17 and a debt-to-equity ratio of 1.33. The firm’s fifty day moving average is $2.36.

Fitell (NASDAQ:GMEX) last issued its quarterly earnings results on Monday, November 2nd. The company reported ($500.53) earnings per share (EPS) for the quarter. The business had revenue of $1.44 million during the quarter. Sell-side analysts predict that Fitell will post -18.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on GMEX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research report on Monday. Wall Street Zen raised shares of Fitell from a “strong sell” rating to a “sell” rating in a report on Saturday, November 7th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Sell”.

About Fitell

Fitell Corporation is an Australia-based fitness equipment retailer and distributor. Through its Gym Direct and related operations, the company offers a range of products for home, commercial and institutional fitness environments, including strength-training equipment, cardio machines, free weights, accessories and gym fit-out solutions. The company serves individual consumers, gyms, personal trainers, sports clubs, schools and other commercial customers through online and business-to-business sales channels.