Fitell Corp (NASDAQ:GMEX) Sees Significant Increase in Short Interest

Fitell Corp (NASDAQ:GMEX) was the target of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 149,900 shares, a growth of 155.9% from the August 31st total of 58,589 shares. Based on an average trading volume of 3,142,494 shares, the days-to-cover ratio is currently 0.0 days. Currently, 16.7% of the shares of the company are sold short.

Fitell Price Performance

Shares of NASDAQ GMEX traded down $0.08 during midday trading on Monday, reaching $3.21. 85,217 shares of the company traded hands, compared to its average volume of 108,928. Fitell has a 52 week low of $3.07 and a 52 week high of $27,714.96. The stock’s 50-day moving average is $0.98. The company has a quick ratio of 3.98, a current ratio of 4.88 and a debt-to-equity ratio of 3.78.

Analyst Ratings Changes

A number of research analysts have recently issued reports on GMEX shares. Wall Street Zen downgraded shares of Fitell from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fitell in a research report on Friday, July 24th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently 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.