Fitell Corp (NASDAQ:GMEX) Shares Shorted: Short Interest Up 76.9% in October

Fitell Corp (NASDAQ:GMEX) saw a significant growth in short interest in October. As of October 15th, there was short interest totaling 55,579 shares, a growth of 76.9% from the September 30th total of 31,421 shares. Based on an average daily volume of 538,989 shares, the days-to-cover ratio is currently 0.1 days. Currently, 7.4% of the shares of the stock are sold short.

Fitell Stock Performance

Shares of NASDAQ:GMEX traded down $0.03 during midday trading on Friday, hitting $0.85. The company had a trading volume of 24,913 shares, compared to its average volume of 1,016,287. Fitell has a twelve month low of $0.75 and a twelve month high of $15,830.64. The firm’s 50-day moving average is $3.89.

Wall Street Analyst Weigh In

GMEX has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Fitell in a research note on Friday, July 24th. Wall Street Zen downgraded shares of Fitell from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Sell”.

About Fitell

Fitell Corporation is an Australia-based fitness equipment retailer and distributor. Through its Gym Direct and related operations, the company offers a range of products for home, commercial and institutional fitness environments, including strength-training equipment, cardio machines, free weights, accessories and gym fit-out solutions.

The company serves individual consumers, gyms, personal trainers, sports clubs, schools and other commercial customers through online and business-to-business sales channels.