Lite Strategy, Inc. (NASDAQ:LITS) Short Interest Up 99.5% in May

Lite Strategy, Inc. (NASDAQ:LITS) was the target of a large growth in short interest in May. As of May 29th, there was short interest totaling 153,829 shares, a growth of 99.5% from the May 14th total of 77,104 shares. Based on an average daily volume of 504,564 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.5% of the company’s stock are sold short.

Lite Strategy Stock Up 8.0%

Shares of NASDAQ:LITS traded up $0.06 during trading on Monday, reaching $0.80. The stock had a trading volume of 241,548 shares, compared to its average volume of 385,089. The business has a fifty day moving average price of $1.07 and a 200-day moving average price of $1.23. The stock has a market cap of $27.24 million, a P/E ratio of -0.50 and a beta of 0.21. Lite Strategy has a fifty-two week low of $0.69 and a fifty-two week high of $9.00.

Lite Strategy (NASDAQ:LITS) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.66) EPS for the quarter.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LITS. Renaissance Technologies LLC purchased a new stake in Lite Strategy in the fourth quarter valued at approximately $2,035,000. Marshall Wace LLP acquired a new position in shares of Lite Strategy in the 4th quarter valued at $1,002,000. Mozayyx Management LLC purchased a new stake in shares of Lite Strategy during the 4th quarter valued at $739,000. Geode Capital Management LLC purchased a new stake in shares of Lite Strategy during the 4th quarter valued at $437,000. Finally, Polar Asset Management Partners Inc. acquired a new stake in shares of Lite Strategy during the 4th quarter worth $365,000. 52.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lite Strategy in a research note on Monday, June 1st. Wall Street Zen upgraded shares of Lite Strategy from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 16th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Lite Strategy currently has a consensus rating of “Sell”.

About Lite Strategy

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.