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

Lite Strategy, Inc. (NASDAQ:LITS) saw a significant increase in short interest in 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. Based on an average daily volume of 186,088 shares, the days-to-cover ratio is presently 1.4 days. Currently, 0.8% of the company’s stock are sold short.

Institutional Trading of Lite Strategy

A number of institutional investors have recently made changes to their positions in the business. ADAR1 Capital Management LLC acquired a new position in Lite Strategy during the 2nd quarter valued at about $62,000. BlackRock Inc. purchased a new stake in shares of Lite Strategy during the second quarter worth about $254,000. GSA Capital Partners LLP acquired a new position in shares of Lite Strategy during the second quarter valued at about $57,000. Renaissance Technologies LLC increased its holdings in shares of Lite Strategy by 13.2% during the first quarter. Renaissance Technologies LLC now owns 1,744,700 shares of the company’s stock valued at $2,024,000 after acquiring an additional 203,278 shares in the last quarter. Finally, Mozayyx Management LLC purchased a new position in shares of Lite Strategy in the 4th quarter valued at approximately $739,000. Institutional investors and hedge funds own 52.38% of the company’s stock.

Lite Strategy Trading Up 2.0%

NASDAQ LITS opened at $1.04 on Friday. The firm’s fifty day simple moving average is $0.99 and its two-hundred day simple moving average is $1.04. Lite Strategy has a 12-month low of $0.69 and a 12-month high of $2.97. The firm has a market capitalization of $35.39 million, a P/E ratio of -0.65 and a beta of 0.21.

Analysts Set New Price Targets

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 research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Lite Strategy Company Profile