Lite Strategy (NASDAQ:LITS) Major Shareholder Sells $946,137.07 in Stock

Lite Strategy, Inc. (NASDAQ:LITS) major shareholder Alexander Schornstein sold 690,611 shares of Lite Strategy stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $1.37, for a total value of $946,137.07. Following the completion of the transaction, the insider owned 3,674,862 shares in the company, valued at $5,034,560.94. This trade represents a 15.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Lite Strategy Trading Up 1.5%

LITS stock opened at $1.39 on Thursday. The stock has a market capitalization of $51.12 million, a price-to-earnings ratio of -1.40 and a beta of 0.23. The firm’s 50-day moving average price is $1.81. Lite Strategy, Inc. has a one year low of $1.33 and a one year high of $9.00.

Lite Strategy (NASDAQ:LITS) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.12) earnings per share (EPS) for the quarter.

Lite Strategy declared that its Board of Directors has initiated a share repurchase program on Wednesday, October 29th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 36.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on LITS. Wall Street Zen upgraded Lite Strategy from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Lite Strategy in a research note on Monday. One equities research 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 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.