Key Points
- Director James Flynn bought 25,000 shares of Lite Strategy at $0.86 each, spending $21,500 and increasing his stake by 25% to 125,000 shares.
- The stock has been under pressure, opening at $0.82 and trading well below its 50-day and 200-day moving averages of $1.02 and $1.18, respectively.
- Analysts remain cautious on LITS, with an average rating of "Sell" and recent downgrades/reiterated sell calls from Wall Street Zen and Weiss Ratings.
Lite Strategy, Inc. (NASDAQ:LITS - Get Free Report) Director James Flynn purchased 25,000 shares of the stock in a transaction dated Wednesday, June 24th. The shares were purchased at an average cost of $0.86 per share, for a total transaction of $21,500.00. Following the transaction, the director owned 125,000 shares in the company, valued at approximately $107,500. The trade was a 25.00% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Lite Strategy Stock Performance
LITS stock opened at $0.82 on Friday. The firm has a market cap of $27.81 million, a PE ratio of -0.51 and a beta of 0.21. The firm's 50 day moving average price is $1.02 and its 200-day moving average price is $1.18. Lite Strategy, Inc. has a one year low of $0.69 and a one year high of $9.00.
Lite Strategy (NASDAQ:LITS - Get Free Report) last posted its earnings results on Wednesday, May 13th. The company reported ($0.66) EPS for the quarter.
Institutional Trading of Lite Strategy
A number of institutional investors have recently bought and sold shares of LITS. Geode Capital Management LLC purchased a new position in shares of Lite Strategy in the 4th quarter valued at about $437,000. Renaissance Technologies LLC acquired a new position in Lite Strategy in the fourth quarter valued at approximately $2,035,000. HRT Financial LP purchased a new position in Lite Strategy in the fourth quarter valued at approximately $42,000. Jane Street Group LLC purchased a new position in Lite Strategy in the fourth quarter valued at approximately $200,000. Finally, State Street Corp acquired a new stake in Lite Strategy during the fourth quarter worth approximately $152,000. 52.38% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have weighed in on LITS. Wall Street Zen raised Lite Strategy from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 16th. Weiss Ratings reissued a "sell (e+)" rating on shares of Lite Strategy in a research report on Monday, June 1st. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has an average rating of "Sell".
Read Our Latest Research Report on Lite Strategy
About Lite Strategy
(
Get Free Report)
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.
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