Fitell (NASDAQ:GMEX) Stock Scheduled to Reverse Split on Monday, September 28th

Shares of Fitell Corp (NASDAQ:GMEX) are set to reverse split before the market opens on Monday, September 28th. The 1-9 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, September 27th.

Fitell Trading Down 9.6%

NASDAQ:GMEX traded down $0.04 during midday trading on Thursday, reaching $0.39. 604,112 shares of the stock traded hands, compared to its average volume of 4,150,466. The firm has a 50-day moving average price of $1.00. The company has a quick ratio of 3.98, a current ratio of 4.88 and a debt-to-equity ratio of 3.78. Fitell has a 12-month low of $0.36 and a 12-month high of $3,507.84.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research note on Friday, July 24th. Wall Street Zen lowered Fitell from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

Fitell Company Profile

Fitell Limited is an Australia-based fitness and wellness company that sells exercise equipment, accessories and related products through online and retail channels. Its product range includes strength-training equipment, free weights, benches, racks, gym accessories and selected cardiovascular products for home users, gyms and other fitness facilities.

The company serves customers primarily in Australia and has developed an e-commerce-led business model supported by product sourcing, fulfillment and retail operations.