Fitell Corporation (NASDAQ:FTEL) Sees Significant Decrease in Short Interest

Fitell Corporation (NASDAQ:FTEL) was the target of a large drop in short interest in the month of February. As of February 27th, there was short interest totaling 12,350 shares, a drop of 34.0% from the February 12th total of 18,706 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 25,511 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily trading volume, of 25,511 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.9% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FTEL shares. Wall Street Zen raised Fitell from a “sell” rating to a “hold” rating in a report on Sunday, November 23rd. Weiss Ratings restated a “sell (d-)” rating on shares of Fitell in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Sell”.

Fitell Trading Up 0.5%

Fitell stock traded up $0.01 during mid-day trading on Friday, reaching $1.92. The company had a trading volume of 1,061,616 shares, compared to its average volume of 84,072. The stock’s 50-day simple moving average is $2.44 and its 200-day simple moving average is $19.70. Fitell has a 1 year low of $1.33 and a 1 year high of $153.60.

Fitell announced that its board has authorized a share repurchase program on Monday, December 1st that permits the company to repurchase $3.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 265.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Fitell Company Profile

Fitell Corporation, together with its subsidiaries, operates as an online retailer of gym and fitness equipment for personal training studios and commercial gyms chains in Australia and Southeast Asia. The company sells fitness equipment, including home gym and commercial strength-training equipment; and cardio equipment, such as rowing machines, exercise bikes, treadmills, and other related products under the Muscle Motion, Rapid Motion, and FleetX brand names. It is also involved in the boutique fitness clubs licensing business.