Lite Strategy (NASDAQ:LITS) Major Shareholder Sells $946,137.07 in Stock

Lite Strategy, Inc. (NASDAQ:LITS) major shareholder Alexander Schornstein sold 690,611 shares of the firm’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $1.37, for a total transaction of $946,137.07. Following the transaction, the insider directly owned 3,674,862 shares in the company, valued at $5,034,560.94. This trade represents a 15.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Lite Strategy Stock Down 1.4%

Shares of LITS traded down $0.02 during mid-day trading on Monday, hitting $1.41. The company’s stock had a trading volume of 645,279 shares, compared to its average volume of 601,508. The company has a 50-day moving average price of $1.86. Lite Strategy, Inc. has a 52-week low of $1.33 and a 52-week high of $9.00. The company has a market cap of $51.86 million, a price-to-earnings ratio of -1.42 and a beta of 0.23.

Lite Strategy (NASDAQ:LITS) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.12) earnings per share (EPS) for the quarter.

Lite Strategy declared that its board has initiated a stock repurchase plan on Wednesday, October 29th that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 36.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Lite Strategy in a research report on Wednesday, December 10th. Wall Street Zen upgraded Lite Strategy from a “sell” rating to a “hold” rating in a research note on Sunday, November 23rd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Lite Strategy has an average rating of “Sell”.

Lite Strategy Company Profile

MEI Pharma, Inc, a late-stage pharmaceutical company, focuses on the development and commercialization of various therapies for the treatment of cancer. The company develops Zandelisib, an oral phosphatidylinositol 3-kinase delta inhibitor that is in Phase III clinical trial for the treatment of patients with relapsed/refractory follicular lymphoma, as well as in Phase Ib multi-arm trial to treat B-cell malignancies; and Voruciclib, an oral cyclin-dependent kinase 9 inhibitor, which is in Phase Ib clinical trial for acute myeloid leukemia and B-cell malignancies.