Hitek Global Inc. (NASDAQ:HKIT) Sees Large Increase in Short Interest

Hitek Global Inc. (NASDAQ:HKIT) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totaling 346,931 shares, an increase of 101.2% from the November 30th total of 172,420 shares. Currently, 2.4% of the company’s stock are short sold. Based on an average daily volume of 928,145 shares, the days-to-cover ratio is presently 0.4 days. Based on an average daily volume of 928,145 shares, the days-to-cover ratio is presently 0.4 days. Currently, 2.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Hitek Global stock. Susquehanna International Group LLP bought a new stake in Hitek Global Inc. (NASDAQ:HKIT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned 0.29% of Hitek Global as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 1.19% of the company’s stock.

Hitek Global Stock Up 1.9%

Shares of HKIT traded up $0.04 on Friday, hitting $2.19. 27,686 shares of the stock traded hands, compared to its average volume of 604,192. Hitek Global has a one year low of $1.15 and a one year high of $4.18. The business has a 50 day simple moving average of $1.95 and a 200 day simple moving average of $1.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 14.27 and a quick ratio of 14.21.

Hitek Global (NASDAQ:HKIT) last issued its earnings results on Wednesday, October 22nd. The company reported ($0.02) EPS for the quarter. The business had revenue of $0.37 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings began coverage on shares of Hitek Global in a research report on Thursday, October 30th. They issued a “sell (d)” rating on the stock. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock has an average rating of “Sell”.

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.