Lite Strategy (NASDAQ:LITS) Posts Quarterly Earnings Results

Lite Strategy (NASDAQ:LITS) released its quarterly earnings results on Wednesday. The company reported ($0.66) earnings per share for the quarter, FiscalAI reports.

Lite Strategy Stock Down 4.5%

LITS traded down $0.06 during midday trading on Friday, hitting $1.17. 564,171 shares of the company were exchanged, compared to its average volume of 353,680. The firm’s 50 day moving average price is $1.17 and its 200-day moving average price is $1.39. Lite Strategy has a 1-year low of $0.95 and a 1-year high of $9.00. The firm has a market capitalization of $42.36 million, a P/E ratio of -0.88 and a beta of 0.25.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered shares of Lite Strategy from a “hold” rating to a “sell” rating in a report on Saturday, February 14th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company has an average rating of “Sell”.

Hedge Funds Weigh In On Lite Strategy

A number of hedge funds have recently made changes to their positions in LITS. Virtu Financial LLC bought a new stake in Lite Strategy in the fourth quarter valued at approximately $35,000. HRT Financial LP bought a new position in Lite Strategy during the 4th quarter worth approximately $42,000. Alpine Global Management LLC acquired a new position in shares of Lite Strategy in the 4th quarter worth approximately $66,000. ADAR1 Capital Management LLC acquired a new position in shares of Lite Strategy in the 4th quarter worth approximately $89,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Lite Strategy in the 4th quarter valued at $112,000. 52.38% of the stock is currently owned by institutional investors.

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.