Fitell Corp (NASDAQ:GMEX) Shares Shorted: Short Interest Up 76.9% in October

Fitell Corp (NASDAQ:GMEX) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 55,579 shares, a growth of 76.9% from the September 30th total of 31,421 shares. Based on an average trading volume of 538,989 shares, the short-interest ratio is presently 0.1 days. Approximately 7.4% of the shares of the company are short sold.

Fitell Trading Up 3.2%

Fitell stock traded up $0.03 during midday trading on Monday, reaching $0.88. 5,786,553 shares of the stock were exchanged, compared to its average volume of 1,018,136. Fitell has a 52 week low of $0.75 and a 52 week high of $15,830.64. The firm has a fifty day simple moving average of $3.71.

Fitell (NASDAQ:GMEX) last announced its quarterly earnings results on Monday, November 2nd. The company reported ($500.53) EPS for the quarter. The business had revenue of $1.44 million for the quarter. Research analysts forecast that Fitell will post -18.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GMEX. Wall Street Zen downgraded shares of Fitell from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Fitell in a report on Friday, July 24th. One research analyst has rated the stock with a Sell rating. According to MarketBeat, the stock has a consensus rating of “Sell”.

Fitell Company Profile

Fitell Corporation is an Australia-based fitness equipment retailer and distributor. Through its Gym Direct and related operations, the company offers a range of products for home, commercial and institutional fitness environments, including strength-training equipment, cardio machines, free weights, accessories and gym fit-out solutions.

The company serves individual consumers, gyms, personal trainers, sports clubs, schools and other commercial customers through online and business-to-business sales channels.