Hitek Global Inc. (NASDAQ:HKIT) Sees Large Decline in Short Interest

Hitek Global Inc. (NASDAQ:HKIT) was the recipient of a large decline in short interest in May. As of May 29th, there was short interest totaling 27,295 shares, a decline of 91.3% from the May 14th total of 314,931 shares. Approximately 14.0% of the company’s stock are short sold. Based on an average trading volume of 145,795 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Trading of Hitek Global

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on HKIT shares. Wall Street Zen upgraded shares of Hitek Global to a “hold” rating in a research note on Saturday, May 30th. Weiss Ratings reissued a “sell (d)” rating on shares of Hitek Global in a research report on Friday, April 24th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Hitek Global has an average rating of “Sell”.

Hitek Global Stock Performance

NASDAQ HKIT traded down $0.04 on Tuesday, hitting $0.27. 26,299,040 shares of the company’s stock traded hands, compared to its average volume of 15,663,106. The firm’s 50-day moving average price is $2.87 and its two-hundred day moving average price is $166.57. Hitek Global has a 1-year low of $0.23 and a 1-year high of $627.00.

Hitek Global (NASDAQ:HKIT) last announced its quarterly earnings results on Friday, April 24th. The company reported $2.28 earnings per share for the quarter. The company had revenue of $2.90 million for the quarter.

About Hitek Global

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.