Fitell Corporation (NASDAQ:FTEL) Sees Large Decrease in Short Interest

Fitell Corporation (NASDAQ:FTEL) was the target of a significant decline in short interest in the month of February. As of February 13th, there was short interest totaling 18,706 shares, a decline of 65.2% from the January 29th total of 53,778 shares. Currently, 1.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 79,645 shares, the short-interest ratio is presently 0.2 days. Based on an average daily trading volume, of 79,645 shares, the short-interest ratio is presently 0.2 days. Currently, 1.3% of the shares of the stock are short sold.

Analysts Set New Price Targets

A number of equities analysts have commented on FTEL shares. Wall Street Zen upgraded Fitell from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Fitell in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has an average rating of “Sell”.

Fitell Stock Performance

NASDAQ:FTEL traded down $0.07 during mid-day trading on Friday, reaching $1.63. The stock had a trading volume of 19,744 shares, compared to its average volume of 62,373. Fitell has a 12 month low of $1.60 and a 12 month high of $153.60. The stock has a 50-day simple moving average of $3.10 and a two-hundred day simple moving average of $23.26.

Fitell (NASDAQ:FTEL) last released its earnings results on Friday, November 14th. The company reported $335,544.32 earnings per share for the quarter. The business had revenue of $1.28 million for the quarter.

Fitell Announces Dividend

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

Fitell announced that its Board of Directors has initiated a stock repurchase plan on Monday, December 1st that authorizes the company to buyback $3.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 265.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

About Fitell

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.