Short Interest in Hitek Global Inc. (NASDAQ:HKIT) Drops By 92.9%

Hitek Global Inc. (NASDAQ:HKIT) was the target of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 10,684 shares, a decrease of 92.9% from the June 30th total of 150,014 shares. Based on an average daily trading volume, of 206,442 shares, the short-interest ratio is currently 0.1 days. Currently, 0.1% of the shares of the company are sold short.

Hitek Global Stock Up 7.6%

Shares of HKIT traded up $0.25 during midday trading on Friday, reaching $3.56. 65,780 shares of the stock were exchanged, compared to its average volume of 451,746. The stock’s 50 day simple moving average is $15.74 and its 200 day simple moving average is $2,581.93. Hitek Global has a twelve month low of $2.92 and a twelve month high of $15,675.00.

Hitek Global (NASDAQ:HKIT) last released its quarterly earnings results on Friday, April 24th. The company reported $57.00 EPS for the quarter. The business had revenue of $2.90 million during the quarter.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Hitek Global to a “hold” rating in a research report on Saturday, May 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Hitek Global in a research report on Tuesday. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company has an average rating of “Sell”.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Hitek Global stock. Susquehanna International Group LLP bought a new position in shares of Hitek Global Inc. (NASDAQ:HKIT) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned 0.29% of Hitek Global at the end of the most recent quarter. 1.19% of the stock is currently owned by hedge funds and other institutional investors.

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.