Lite Strategy (NASDAQ:LITS) Rating Lowered to “Sell” at Wall Street Zen

Lite Strategy (NASDAQ:LITS) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday.

Separately, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lite Strategy in a research report on Monday, December 22nd. One research analyst has rated the stock with a Sell rating, According to MarketBeat, the company has a consensus rating of “Sell”.

Lite Strategy Stock Up 8.7%

Shares of LITS stock opened at $1.12 on Friday. The company has a fifty day moving average price of $1.37. The stock has a market capitalization of $41.18 million, a P/E ratio of -1.13 and a beta of 0.32. Lite Strategy has a twelve month low of $0.95 and a twelve month high of $9.00.

Lite Strategy (NASDAQ:LITS) last announced its earnings results 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 stock buyback plan on Wednesday, October 29th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 36.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

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 acquired at an average cost of $1.40 per share, with a total value of $98,000.00. Following the acquisition, the director directly owned 100,000 shares of the company’s stock, valued at $140,000. This represents a 233.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Alexander Schornstein sold 690,611 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $1.37, for a total value of $946,137.07. Following the completion of the sale, the insider owned 3,674,862 shares in the company, valued at approximately $5,034,560.94. This represents a 15.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. HRT Financial LP bought a new stake in shares of Lite Strategy during the fourth quarter valued at about $42,000. State Street Corp acquired a new position in Lite Strategy during the 4th quarter valued at about $152,000. Jane Street Group LLC bought a new stake in shares of Lite Strategy during the 4th quarter worth about $200,000. Quarry LP acquired a new stake in shares of Lite Strategy in the 4th quarter worth approximately $264,000. Finally, Geode Capital Management LLC bought a new position in shares of Lite Strategy in the fourth quarter valued at approximately $437,000. Institutional investors own 52.38% of the company’s stock.

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.