Fitell Corporation (NASDAQ:FTEL) Short Interest Update

Fitell Corporation (NASDAQ:FTEL) was the recipient of a large drop in short interest in February. As of February 27th, there was short interest totaling 12,350 shares, a drop of 34.0% from the February 12th total of 18,706 shares. Currently, 0.9% of the shares of the stock are sold short. Based on an average daily volume of 25,511 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily volume of 25,511 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.9% of the shares of the stock are sold short.

Fitell Trading Up 0.5%

Shares of Fitell stock traded up $0.01 during trading hours on Friday, reaching $1.92. 1,061,616 shares of the company’s stock were exchanged, compared to its average volume of 84,072. Fitell has a 52-week low of $1.33 and a 52-week high of $153.60. The company has a fifty day moving average of $2.44 and a 200-day moving average of $19.70.

Fitell announced that its Board of Directors has approved a share buyback plan on Monday, December 1st that allows the company to repurchase $3.00 million in shares. This repurchase authorization allows the company to buy up to 265.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

FTEL has been the subject of several analyst reports. 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 report on Sunday, November 23rd. One analyst has rated the stock with a Sell rating, According to MarketBeat, Fitell has an average rating of “Sell”.

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.