Global Interactive Technologies, Inc. (NASDAQ:GITS) Short Interest Down 53.4% in July

Global Interactive Technologies, Inc. (NASDAQ:GITS) was the recipient of a large drop in short interest in the month of July. As of July 15th, there was short interest totaling 76,378 shares, a drop of 53.4% from the June 30th total of 163,934 shares. Based on an average daily volume of 29,632 shares, the short-interest ratio is presently 2.6 days. Approximately 2.3% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Global Interactive Technologies stock. Bank of America Corp DE acquired a new stake in shares of Global Interactive Technologies, Inc. (NASDAQ:GITS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 53,206 shares of the company’s stock, valued at approximately $119,000. Bank of America Corp DE owned 1.45% of Global Interactive Technologies at the end of the most recent quarter. 0.22% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised shares of Global Interactive Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat, the company currently has an average rating of “Sell”.

Global Interactive Technologies Price Performance

GITS stock traded up $0.03 during midday trading on Tuesday, reaching $2.10. The company had a trading volume of 12,176 shares, compared to its average volume of 1,430,323. The firm has a 50-day moving average price of $1.96 and a 200-day moving average price of $2.10. Global Interactive Technologies has a 1 year low of $0.66 and a 1 year high of $7.09. The company has a market capitalization of $7.71 million, a P/E ratio of -1.49 and a beta of -0.66.

Global Interactive Technologies (NASDAQ:GITS) last announced its earnings results on Monday, June 22nd. The company reported ($0.14) EPS for the quarter. The business had revenue of $0.00 million for the quarter.

About Global Interactive Technologies

Global Interactive Technologies, Inc engages in the provision of a global multi-media platform for users to interact with other like-minded users to share appreciation of various types of entertainment and cultures such as K-POP and modern Korean culture. It operates through the FANTOO platform. The company was founded on October 20, 2021 and is headquartered in Seoul, South Korea.