Hitek Global Inc. (NASDAQ:HKIT) Short Interest Up 149.0% in May

Hitek Global Inc. (NASDAQ:HKIT) was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totaling 314,931 shares, an increase of 149.0% from the April 30th total of 126,476 shares. Approximately 53.4% of the shares of the company are sold short. Based on an average daily volume of 1,965,291 shares, the short-interest ratio is presently 0.2 days.

Institutional Trading of Hitek Global

A hedge fund recently bought a new stake in Hitek Global stock. Susquehanna International Group LLP purchased a new position in shares of Hitek Global Inc. (NASDAQ:HKIT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 41,425 shares of the company’s stock, valued at approximately $73,000. Susquehanna International Group LLP owned 0.29% of Hitek Global as of its most recent SEC filing. Institutional investors own 1.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on HKIT. Weiss Ratings restated a “sell (d)” rating on shares of Hitek Global in a research note on Friday, April 24th. Wall Street Zen upgraded shares of Hitek Global to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has an average rating of “Sell”.

Hitek Global Stock Performance

Hitek Global stock opened at $1.46 on Friday. The business has a 50 day simple moving average of $10.48 and a 200-day simple moving average of $183.40. Hitek Global has a 12 month low of $1.46 and a 12 month high of $627.00.

Hitek Global (NASDAQ:HKIT) last posted its quarterly earnings data on Friday, April 24th. The company reported $2.28 earnings per share for the quarter. The firm had revenue of $2.90 million during the quarter.

About Hitek Global

Hitek Global Inc provides information technology (IT) consulting and solutions to small and medium businesses in various industry sectors in China. It offers anti-counterfeiting tax control system (ACTCS) tax devices, including golden tax disk and printers, ACTCS services, and IT services; and sells software and hardware to large businesses, such as laptops, printers, desktop computers, and related accessories, as well as Internet servers, cameras, and monitors. The company was founded in 1996 and is headquartered in Xiamen, China.