Lite Strategy (NASDAQ:LITS) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Lite Strategy (NASDAQ:LITS) from a hold rating to a sell rating in a research note published on Saturday morning.

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of Lite Strategy in a report on Monday, December 22nd. One analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has a consensus rating of “Sell”.

Lite Strategy Price Performance

Shares of LITS opened at $1.12 on Friday. The company’s 50 day simple moving average is $1.37. Lite Strategy has a 12-month low of $0.95 and a 12-month high of $9.00. The company has a market cap of $41.18 million, a P/E ratio of -1.13 and a beta of 0.32.

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

Lite Strategy announced that its board has initiated a share buyback program on Wednesday, October 29th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 36.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Lite Strategy

In other Lite Strategy news, major shareholder Alexander Schornstein sold 690,611 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $1.37, for a total transaction of $946,137.07. Following the completion of the transaction, the insider owned 3,674,862 shares in the company, valued at $5,034,560.94. This trade represents a 15.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James P. Flynn acquired 70,000 shares of the company’s stock in a transaction on Friday, December 19th. The stock was acquired at an average cost of $1.40 per share, with a total value of $98,000.00. Following the completion of the purchase, the director directly owned 100,000 shares in the company, valued at approximately $140,000. This represents a 233.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LITS. Marshall Wace LLP bought a new stake in Lite Strategy during the fourth quarter worth approximately $1,002,000. Quarry LP bought a new stake in shares of Lite Strategy in the 4th quarter valued at approximately $264,000. State Street Corp purchased a new position in shares of Lite Strategy in the 4th quarter worth approximately $152,000. Jane Street Group LLC bought a new position in shares of Lite Strategy during the 4th quarter valued at approximately $200,000. Finally, HRT Financial LP purchased a new stake in Lite Strategy during the 4th quarter valued at $42,000. Institutional investors own 52.38% of the company’s stock.

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.