Stock Buyback Program Approved by Fitell (NASDAQ:FTEL) Board of Directors

Fitell (NASDAQ:FTEL) announced that its Board of Directors has approved a stock repurchase plan on Monday, December 1st, RTT News reports. The company plans to buyback $3.00 million in shares. This buyback authorization allows the company to buy up to 265.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of Fitell from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Fitell has an average rating of “Sell”.

Fitell Stock Performance

FTEL stock opened at $1.20 on Tuesday. Fitell has a 1 year low of $0.62 and a 1 year high of $792.00. The business has a 50 day simple moving average of $3.23 and a 200-day simple moving average of $6.76.

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.