Lite Strategy (NASDAQ:LITS) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of Lite Strategy (NASDAQ:LITS) from a hold rating to a sell rating in a report issued on Saturday.

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of Lite Strategy in a research report on Monday, December 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Lite Strategy presently has a consensus rating of “Sell”.

Lite Strategy Stock Up 8.7%

LITS opened at $1.12 on Friday. The company has a market cap of $41.18 million, a P/E ratio of -1.13 and a beta of 0.32. The stock has a fifty day moving average price of $1.36. Lite Strategy has a one year low of $0.95 and a one year high of $9.00.

Lite Strategy (NASDAQ:LITS) last released its earnings results on Friday, November 14th. The company reported ($0.12) earnings per share (EPS) for the quarter.

Lite Strategy declared that its Board of Directors has authorized a share buyback program on Wednesday, October 29th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 36.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Lite Strategy

In other news, Director James P. Flynn acquired 70,000 shares of the firm’s stock in a transaction that occurred on Friday, December 19th. The stock was purchased at an average price of $1.40 per share, with a total value of $98,000.00. Following the purchase, the director owned 100,000 shares of the company’s stock, valued at approximately $140,000. This trade represents a 233.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Alexander Schornstein sold 690,611 shares of Lite Strategy stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $1.37, for a total transaction of $946,137.07. Following the transaction, the insider owned 3,674,862 shares in the company, valued at approximately $5,034,560.94. The trade was a 15.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LITS. Renaissance Technologies LLC purchased a new stake in Lite Strategy in the 4th quarter worth about $2,035,000. Marshall Wace LLP acquired a new position in shares of Lite Strategy in the fourth quarter worth $1,002,000. Geode Capital Management LLC purchased a new stake in shares of Lite Strategy during the fourth quarter worth $437,000. Quarry LP acquired a new stake in Lite Strategy during the fourth quarter valued at $264,000. Finally, Jane Street Group LLC acquired a new stake in Lite Strategy during the fourth quarter valued at $200,000. Hedge funds and other institutional investors own 52.38% of the company’s stock.

Lite Strategy Company Profile

MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.