Short Interest in Hitek Global Inc. (NASDAQ:HKIT) Decreases By 91.3%

Hitek Global Inc. (NASDAQ:HKIT) was the recipient of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 27,295 shares, a decline of 91.3% from the May 14th total of 314,931 shares. Based on an average daily trading volume, of 145,795 shares, the short-interest ratio is presently 0.2 days. Approximately 14.0% of the company’s stock are sold short.

Analyst Ratings Changes

Several equities research analysts have issued reports on HKIT shares. 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, May 30th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Hitek Global currently has an average rating of “Sell”.

Hitek Global Stock Up 58.2%

HKIT traded up $0.16 on Wednesday, reaching $0.43. The company had a trading volume of 235,783,460 shares, compared to its average volume of 5,382,179. Hitek Global has a fifty-two week low of $0.23 and a fifty-two week high of $627.00. The company’s fifty day moving average is $2.87 and its 200 day moving average is $166.57.

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

Hedge Funds Weigh In On Hitek Global

An institutional investor recently bought a new position in Hitek Global stock. XTX Topco Ltd acquired a new position in shares of Hitek Global Inc. (NASDAQ:HKIT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 11,063 shares of the company’s stock, valued at approximately $25,000. 1.19% of the stock is owned by institutional investors.

Hitek Global Company Profile

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.