Short Interest in Fitell Corporation (NASDAQ:FTEL) Expands By 103.7%

Fitell Corporation (NASDAQ:FTEL) saw a significant increase in short interest during the month of January. As of January 30th, there was short interest totaling 53,778 shares, an increase of 103.7% from the January 15th total of 26,401 shares. Approximately 3.8% of the shares of the stock are short sold. Based on an average daily volume of 397,152 shares, the short-interest ratio is presently 0.1 days. Based on an average daily volume of 397,152 shares, the short-interest ratio is presently 0.1 days. Approximately 3.8% of the shares of the stock are short sold.

Institutional Investors Weigh In On Fitell

An institutional investor recently raised its position in Fitell stock. Vanguard Personalized Indexing Management LLC raised its position in Fitell Corporation (NASDAQ:FTEL) by 114.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,500 shares of the company’s stock after acquiring an additional 35,966 shares during the quarter. Vanguard Personalized Indexing Management LLC owned approximately 0.32% of Fitell worth $34,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 0.10% of the company’s stock.

Fitell Stock Down 3.0%

Shares of Fitell stock opened at $1.94 on Friday. Fitell has a 52-week low of $1.73 and a 52-week high of $181.76. The company has a fifty day moving average of $3.96 and a 200-day moving average of $28.86.

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

Fitell declared that its Board of Directors has initiated a stock repurchase program on Monday, December 1st that permits the company to repurchase $3.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 265.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Fitell Announces Dividend

The business also recently announced a dividend, which was paid on Tuesday, January 13th. Investors of record on Tuesday, December 30th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, December 30th. This represents a yield of 2,931.0%.

Analyst Ratings Changes

A number of research firms have commented on FTEL. Weiss Ratings reissued a “sell (d-)” rating on shares of Fitell in a research note on Thursday, January 22nd. Wall Street Zen upgraded shares of Fitell from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has a consensus rating of “Sell”.

About Fitell

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.