Fitell (NASDAQ:FTEL) Trading Down 21.4% – Time to Sell?

Shares of Fitell Corporation (NASDAQ:FTEL) were down 21.4% on Wednesday . The stock traded as low as $6.22 and last traded at $6.65. Approximately 448,593 shares were traded during mid-day trading, an increase of 134% from the average daily volume of 191,844 shares. The stock had previously closed at $8.46.

Fitell Stock Performance

The business has a 50-day moving average price of $8.68 and a 200-day moving average price of $9.05.

Institutional Investors Weigh In On Fitell

A hedge fund recently raised its stake in Fitell stock. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Fitell Corporation (NASDAQ:FTEL) by 114.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,500 shares of the company’s stock after purchasing an additional 35,966 shares during the period. Vanguard Personalized Indexing Management LLC owned 0.32% of Fitell worth $34,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 0.10% of the company’s stock.

About Fitell

Fitell Corporation, together with its subsidiaries, operates as an online retailer of gym and fitness equipment for personal training studios and commercial gyms chains in Australia and Southeast Asia. The company sells fitness equipment, including home gym and commercial strength-training equipment; and cardio equipment, such as rowing machines, exercise bikes, treadmills, and other related products under the Muscle Motion, Rapid Motion, and FleetX brand names.