Short Interest in Global Interactive Technologies, Inc. (NASDAQ:GITS) Drops By 54.2%

Global Interactive Technologies, Inc. (NASDAQ:GITS) saw a significant drop in short interest in July. As of July 31st, there was short interest totaling 34,996 shares, a drop of 54.2% from the July 15th total of 76,378 shares. Based on an average daily trading volume, of 33,100 shares, the days-to-cover ratio is currently 1.1 days. Approximately 1.1% of the shares of the company are sold short.

Global Interactive Technologies Stock Performance

Global Interactive Technologies stock remained flat at $1.93 during mid-day trading on Friday. The company’s stock had a trading volume of 45,283 shares, compared to its average volume of 116,252. The firm’s 50 day simple moving average is $2.06 and its two-hundred day simple moving average is $2.20. Global Interactive Technologies has a 12-month low of $0.66 and a 12-month high of $7.09. The company has a market cap of $7.09 million, a price-to-earnings ratio of -1.37 and a beta of -0.61.

Global Interactive Technologies (NASDAQ:GITS) last released its earnings results on Monday, June 22nd. The company reported ($0.14) earnings per share (EPS) for the quarter. The firm had revenue of $0.00 million during the quarter.

Institutional Trading of Global Interactive Technologies

A hedge fund recently bought a new stake in Global Interactive Technologies stock. Bank of America Corp DE purchased a new position in shares of Global Interactive Technologies, Inc. (NASDAQ:GITS) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 53,206 shares of the company’s stock, valued at approximately $119,000. Bank of America Corp DE owned approximately 1.45% of Global Interactive Technologies at the end of the most recent quarter. 0.22% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Global Interactive Technologies from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Global Interactive Technologies presently has a consensus rating of “Sell”.

Global Interactive Technologies Company Profile

Global Interactive Technologies, Inc engages in the provision of a global multi-media platform for users to interact with other like-minded users to share appreciation of various types of entertainment and cultures such as K-POP and modern Korean culture. It operates through the FANTOO platform. The company was founded on October 20, 2021 and is headquartered in Seoul, South Korea.