Fitell Shares Scheduled to Reverse Split on Monday, September 28th (NASDAQ:GMEX)

Shares of Fitell Corp (NASDAQ:GMEX) are scheduled to reverse split before the market opens on Monday, September 28th. The 1-9 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Sunday, September 27th.

Fitell Trading Down 9.6%

Shares of GMEX stock traded down $0.04 during trading hours on Thursday, hitting $0.39. 604,112 shares of the company’s stock were exchanged, compared to its average volume of 4,150,466. Fitell has a fifty-two week low of $0.36 and a fifty-two week high of $3,507.84. The company has a debt-to-equity ratio of 3.78, a current ratio of 4.88 and a quick ratio of 3.98. The business’s 50 day moving average price is $1.00.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Fitell from a “sell” rating to a “strong sell” rating in a report on Saturday, July 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Fitell in a research note on Friday, July 24th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Fitell Company Profile

Fitell Limited is an Australia-based fitness and wellness company that sells exercise equipment, accessories and related products through online and retail channels. Its product range includes strength-training equipment, free weights, benches, racks, gym accessories and selected cardiovascular products for home users, gyms and other fitness facilities.

The company serves customers primarily in Australia and has developed an e-commerce-led business model supported by product sourcing, fulfillment and retail operations.