Hitek Global Inc. (NASDAQ:HKIT) Short Interest Down 91.3% in May

Hitek Global Inc. (NASDAQ:HKIT) was the recipient of a significant 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. Based on an average daily volume of 145,795 shares, the short-interest ratio is currently 0.2 days. Approximately 14.0% of the company’s stock are short sold.

Hitek Global Price Performance

NASDAQ HKIT traded up $0.12 during trading on Thursday, reaching $0.56. The company’s stock had a trading volume of 220,908,106 shares, compared to its average volume of 29,011,062. The business has a 50-day moving average price of $2.61 and a 200-day moving average price of $162.86. Hitek Global has a 1-year low of $0.23 and a 1-year high of $627.00.

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

Institutional Trading of Hitek Global

A hedge fund recently bought a new stake in Hitek Global stock. XTX Topco Ltd bought a new stake in Hitek Global Inc. (NASDAQ:HKIT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,063 shares of the company’s stock, valued at approximately $25,000. 1.19% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on HKIT. Wall Street Zen raised shares of Hitek Global to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings reaffirmed 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, According to data from MarketBeat, Hitek Global currently has a consensus rating of “Sell”.

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.