Fitell Corporation (NASDAQ:FTEL) Sees Significant Growth in Short Interest

Fitell Corporation (NASDAQ:FTEL) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totaling 202,481 shares, an increase of 40.0% from the December 15th total of 144,592 shares. Currently, 14.4% of the shares of the company are sold short. Based on an average daily volume of 3,462,569 shares, the days-to-cover ratio is presently 0.1 days. Based on an average daily volume of 3,462,569 shares, the days-to-cover ratio is presently 0.1 days. Currently, 14.4% of the shares of the company are sold short.

Institutional Investors Weigh In On Fitell

A hedge fund recently raised its stake in Fitell stock. Vanguard Personalized Indexing Management LLC boosted its position in shares of Fitell Corporation (NASDAQ:FTEL) by 114.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,500 shares of the company’s stock after purchasing an additional 35,966 shares during the period. Vanguard Personalized Indexing Management LLC owned about 0.32% of Fitell worth $34,000 at the end of the most recent quarter. 0.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTEL has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Fitell from a “sell” rating to a “hold” rating in a research report on Sunday, November 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock currently has an average rating of “Sell”.

Fitell Stock Performance

NASDAQ FTEL traded down $0.05 on Friday, reaching $3.22. The company’s stock had a trading volume of 111,588 shares, compared to its average volume of 331,503. Fitell has a 52 week low of $2.91 and a 52 week high of $1,427.20. The business has a 50-day moving average price of $5.63 and a 200 day moving average price of $40.26.

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

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

Fitell Dividend Announcement

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

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.