Lite Strategy (NASDAQ:LITS) Stock Price Up 2.8% – What’s Next?

Lite Strategy, Inc. (NASDAQ:LITS)’s stock price traded up 2.8% on Tuesday . The stock traded as high as $1.51 and last traded at $1.49. 296,918 shares were traded during trading, a decline of 59% from the average session volume of 725,848 shares. The stock had previously closed at $1.45.

Analyst Upgrades and Downgrades

LITS has been the subject of several research reports. Weiss Ratings restated a “sell (d-)” rating on shares of Lite Strategy in a report on Monday, December 22nd. Wall Street Zen raised shares of Lite Strategy from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Lite Strategy Price Performance

The stock has a market cap of $54.79 million, a price-to-earnings ratio of -1.51 and a beta of 0.27. The company’s fifty day moving average price is $1.67.

Lite Strategy (NASDAQ:LITS) last issued 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 has authorized a share repurchase plan on Wednesday, October 29th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 36.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Lite Strategy news, Director James P. Flynn acquired 70,000 shares of the firm’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 acquisition, the director owned 100,000 shares of the company’s stock, valued at approximately $140,000. This trade represents a 233.33% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Alexander Schornstein sold 690,611 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $1.37, for a total transaction of $946,137.07. Following the completion of the sale, the insider owned 3,674,862 shares of the company’s stock, valued at $5,034,560.94. This represents a 15.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company’s stock.

About Lite Strategy

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.