Short Interest in Hitek Global Inc. (NASDAQ:HKIT) Declines By 40.5%

Hitek Global Inc. (NASDAQ:HKIT) was the target of a significant drop in short interest in the month of July. As of July 31st, there was short interest totaling 6,356 shares, a drop of 40.5% from the July 15th total of 10,684 shares. Based on an average trading volume of 96,910 shares, the short-interest ratio is currently 0.1 days. Approximately 0.1% of the shares of the company are sold short.

Hedge Funds Weigh In On Hitek Global

A hedge fund recently bought a new stake in Hitek Global stock. XTX Topco Ltd acquired a new position in Hitek Global Inc. (NASDAQ:HKIT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 11,063 shares of the company’s stock, valued at approximately $25,000. 1.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on HKIT shares. Wall Street Zen raised shares of Hitek Global to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of Hitek Global in a research report on Tuesday, July 21st. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company has a consensus rating of “Sell”.

Hitek Global Trading Down 5.5%

Hitek Global stock traded down $0.17 during midday trading on Wednesday, hitting $2.88. The stock had a trading volume of 79,653 shares, compared to its average volume of 311,334. The firm’s fifty day moving average is $5.12 and its two-hundred day moving average is $1,661.71. Hitek Global has a 52-week low of $2.36 and a 52-week high of $15,675.00.

Hitek Global Company Profile

Hitek Global Inc provides information technology (IT) consulting and solutions to small and medium businesses in various industry sectors in China. It offers anti-counterfeiting tax control system (ACTCS) tax devices, including golden tax disk and printers, ACTCS services, and IT services; and sells software and hardware to large businesses, such as laptops, printers, desktop computers, and related accessories, as well as Internet servers, cameras, and monitors. The company was founded in 1996 and is headquartered in Xiamen, China.