Lite Strategy, Inc. (NASDAQ:LITS) Sees Significant Growth in Short Interest

Lite Strategy, Inc. (NASDAQ:LITS) was the recipient of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 253,344 shares, an increase of 62.0% from the August 15th total of 156,379 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average trading volume of 186,088 shares, the short-interest ratio is presently 1.4 days.

Institutional Investors Weigh In On Lite Strategy

A number of large investors have recently made changes to their positions in LITS. ADAR1 Capital Management LLC acquired a new position in Lite Strategy in the 2nd quarter worth approximately $62,000. BlackRock Inc. acquired a new stake in Lite Strategy during the 2nd quarter valued at $254,000. GSA Capital Partners LLP purchased a new stake in shares of Lite Strategy in the second quarter valued at $57,000. Renaissance Technologies LLC lifted its holdings in shares of Lite Strategy by 13.2% in the first quarter. Renaissance Technologies LLC now owns 1,744,700 shares of the company’s stock valued at $2,024,000 after purchasing an additional 203,278 shares in the last quarter. Finally, Alpine Global Management LLC acquired a new stake in shares of Lite Strategy in the fourth quarter worth $66,000. Institutional investors and hedge funds own 52.38% of the company’s stock.

Lite Strategy Stock Performance

Shares of NASDAQ:LITS traded up $0.02 during midday trading on Thursday, reaching $1.04. The company had a trading volume of 904,974 shares, compared to its average volume of 341,537. The company has a fifty day simple moving average of $0.99 and a two-hundred day simple moving average of $1.04. The firm has a market cap of $35.39 million, a price-to-earnings ratio of -0.65 and a beta of 0.21. Lite Strategy has a 1-year low of $0.69 and a 1-year high of $2.97.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of Lite Strategy from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, September 8th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Lite Strategy Company Profile