Fitell Corp (NASDAQ:GMEX) Sees Large Drop in Short Interest

Fitell Corp (NASDAQ:GMEX) saw a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 38,837 shares, a drop of 32.6% from the July 30th total of 57,612 shares. Currently, 4.3% of the shares of the stock are sold short. Based on an average trading volume of 605,555 shares, the days-to-cover ratio is currently 0.1 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Weiss Ratings restated 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 report on Saturday, July 25th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Fitell Stock Down 11.1%

Shares of GMEX traded down $0.11 on Tuesday, hitting $0.85. The company’s stock had a trading volume of 295,744 shares, compared to its average volume of 578,480. Fitell has a fifty-two week low of $0.83 and a fifty-two week high of $7,958.21. The business has a 50 day moving average price of $2.01. The company has a debt-to-equity ratio of 3.78, a current ratio of 4.88 and a quick ratio of 3.98.

About Fitell

Founded in 2007 and headquartered in New South Wales, Australia, GD Wellness Pty Ltd (“GD”) is a wholly owned subsidiary of Fitell Corporation, a Cayman Islands company (together with its subsidiaries, “Fitell,”). We are an online retailer of gym and fitness equipment both under our proprietary brands and other brand names. Fitell’s mission is to build an ecosystem with a whole fitness and wellness experience powered by technology to our customers. GD has served over 100,000 customers with large portions of sales from repeat customers over the years, which we believe to be a testament of our product quality and brand loyalty.