Lite Strategy (NASDAQ:LITS) Director James Flynn Buys 70,000 Shares

Lite Strategy, Inc. (NASDAQ:LITS) Director James Flynn bought 70,000 shares of the business’s stock in a transaction that occurred on Friday, December 19th. The stock was purchased at an average cost of $1.40 per share, for a total transaction of $98,000.00. Following the completion of the transaction, the director owned 100,000 shares in the company, valued at $140,000. This trade represents a 233.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Lite Strategy Price Performance

Shares of LITS stock opened at $1.41 on Tuesday. The stock has a fifty day moving average price of $1.84. Lite Strategy, Inc. has a 1 year low of $1.33 and a 1 year high of $9.00. The stock has a market cap of $51.86 million, a price-to-earnings ratio of -1.42 and a beta of 0.23.

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

Lite Strategy declared that its Board of Directors has authorized a stock buyback program on Wednesday, October 29th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 36.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LITS. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lite Strategy in a research note on Wednesday, December 10th. Wall Street Zen raised Lite Strategy from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

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.