Fitell (NASDAQ:FTEL) Shares Down 1.6% – Here’s What Happened

Shares of Fitell Corporation (NASDAQ:FTEL) were down 1.6% during trading on Wednesday . The company traded as low as $3.01 and last traded at $3.02. Approximately 75,951 shares traded hands during trading, a decline of 77% from the average daily volume of 325,608 shares. The stock had previously closed at $3.07.

Analyst Ratings Changes

A number of research firms have recently issued reports on FTEL. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Fitell from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Fitell Trading Down 1.6%

The stock has a fifty day moving average price of $5.95 and a two-hundred day moving average price of $40.95.

Fitell (NASDAQ:FTEL) last released its quarterly earnings results on Friday, November 14th. The company reported $335,544.32 EPS for the quarter. The business had revenue of $1.28 million for the quarter.

Fitell Dividend Announcement

The firm also recently declared a dividend, which was paid on Tuesday, January 13th. Stockholders of record on Tuesday, December 30th were given a $0.10 dividend. This represents a dividend yield of 2,931.0%. The ex-dividend date was Tuesday, December 30th.

Fitell declared that its Board of Directors has authorized a stock buyback plan on Monday, December 1st that authorizes the company to repurchase $3.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 265.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Fitell stock. Vanguard Personalized Indexing Management LLC boosted its stake in Fitell Corporation (NASDAQ:FTEL) by 114.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,500 shares of the company’s stock after purchasing an additional 35,966 shares during the quarter. Vanguard Personalized Indexing Management LLC owned about 0.32% of Fitell worth $34,000 at the end of the most recent reporting period. 0.10% of the stock is currently owned by hedge funds and other institutional investors.

Fitell Company Profile

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. It is also involved in the boutique fitness clubs licensing business.