Insider Buying: Lite Strategy (NASDAQ:LITS) Director Acquires $21,500.00 in Stock
by Scott Moore · The Cerbat GemLite Strategy, Inc. (NASDAQ:LITS – Get Free Report) Director James Flynn purchased 25,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was acquired at an average price of $0.86 per share, with a total value of $21,500.00. Following the completion of the purchase, the director directly owned 125,000 shares in the company, valued at $107,500. This trade represents a 25.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Lite Strategy Stock Performance
LITS traded down $0.06 during trading on Thursday, reaching $0.82. 278,166 shares of the company traded hands, compared to its average volume of 394,928. The company has a market cap of $27.81 million, a P/E ratio of -0.51 and a beta of 0.21. Lite Strategy, Inc. has a 12-month low of $0.69 and a 12-month high of $9.00. The firm has a fifty day simple moving average of $1.03 and a 200 day simple moving average of $1.19.
Lite Strategy (NASDAQ:LITS – Get Free Report) last released its earnings results on Wednesday, May 13th. The company reported ($0.66) EPS for the quarter.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of LITS. Renaissance Technologies LLC bought a new stake in Lite Strategy in the fourth quarter worth $2,035,000. Marshall Wace LLP bought a new position in Lite Strategy during the fourth quarter valued at $1,002,000. Mozayyx Management LLC bought a new position in Lite Strategy during the fourth quarter valued at $739,000. Geode Capital Management LLC bought a new position in Lite Strategy during the fourth quarter valued at $437,000. Finally, Polar Asset Management Partners Inc. purchased a new position in shares of Lite Strategy in the 4th quarter worth $365,000. 52.38% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on LITS. Wall Street Zen upgraded Lite Strategy from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lite Strategy in a research report on Monday, June 1st. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Lite Strategy currently has an average rating of “Sell”.
Get Our Latest Research Report on LITS
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.