Lite Strategy (NASDAQ:LITS) Upgraded by Wall Street Zen to “Hold” Rating

Lite Strategy (NASDAQ:LITS) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday.

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Lite Strategy in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Lite Strategy currently has an average rating of “Sell”.

Lite Strategy Stock Performance

NASDAQ:LITS opened at $1.70 on Friday. Lite Strategy has a 52 week low of $1.46 and a 52 week high of $9.00. The business’s 50-day simple moving average is $2.16. The company has a market capitalization of $62.53 million, a price-to-earnings ratio of -0.36 and a beta of 0.30.

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

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

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.