Hitek Global Inc. (NASDAQ:HKIT) Short Interest Up 6,500.6% in March

Hitek Global Inc. (NASDAQ:HKIT) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totaling 11,837,135 shares, a growth of 6,500.6% from the March 15th total of 179,334 shares. Based on an average trading volume of 153,772,697 shares, the days-to-cover ratio is currently 0.1 days. Currently, 2,006.3% of the company’s shares are sold short.

Hitek Global Price Performance

Shares of NASDAQ HKIT traded up $0.07 during mid-day trading on Friday, hitting $1.20. 3,668,083 shares of the company were exchanged, compared to its average volume of 675,675. Hitek Global has a 1-year low of $1.09 and a 1-year high of $209.00. The stock has a 50 day simple moving average of $58.39 and a 200-day simple moving average of $84.23.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Hitek Global stock. Susquehanna International Group LLP purchased a new position in shares of Hitek Global Inc. (NASDAQ:HKIT) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned approximately 0.29% of Hitek Global at the end of the most recent reporting period. Institutional investors own 1.19% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on HKIT. Wall Street Zen raised shares of Hitek Global to a “sell” rating in a research report on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hitek Global in a research report on Tuesday, January 27th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Hitek Global Company Profile

Hitek Global Inc provides information technology (IT) consulting and solutions to small and medium businesses in various industry sectors in China. It offers anti-counterfeiting tax control system (ACTCS) tax devices, including golden tax disk and printers, ACTCS services, and IT services; and sells software and hardware to large businesses, such as laptops, printers, desktop computers, and related accessories, as well as Internet servers, cameras, and monitors. The company was founded in 1996 and is headquartered in Xiamen, China.