Health In Tech, Inc. (NASDAQ:HIT) Sees Large Drop in Short Interest

Key Points

• Short interest in Health In Tech plunged 47% in June, falling to 565,388 shares, or about 0.9% of the float. The short-interest ratio is now 4.6 days based on average trading volume.
• The stock traded lower to $1.03, near its 52-week low of $0.85 and well below its 52-week high of $4.02. Health In Tech has a market cap of about $67.8 million.
• The company recently beat earnings estimates, posting EPS of -$0.03 versus the expected -$0.04 on revenue of $8.77 million. Analysts remain mixed, with a consensus rating of Moderate Buy and an average price target of $4.00.

Health In Tech, Inc. (NASDAQ:HIT - Get Free Report) saw a large decrease in short interest in the month of June. As of June 30th, there was short interest totaling 565,388 shares, a decrease of 47.0% from the June 15th total of 1,066,152 shares. Currently, 0.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 122,412 shares, the short-interest ratio is presently 4.6 days.

Health In Tech Price Performance

Shares of Health In Tech stock traded down $0.04 during trading on Wednesday, reaching $1.03. 38,442 shares of the stock traded hands, compared to its average volume of 264,409. Health In Tech has a 52-week low of $0.85 and a 52-week high of $4.02. The business has a fifty day simple moving average of $1.08 and a two-hundred day simple moving average of $1.33. The company has a market capitalization of $67.82 million, a price-to-earnings ratio of -52.50 and a beta of 2.88.

Health In Tech (NASDAQ:HIT - Get Free Report) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $8.77 million for the quarter.

Institutional Investors Weigh In On Health In Tech

A number of hedge funds have recently bought and sold shares of the business. XTX Topco Ltd bought a new position in Health In Tech during the fourth quarter valued at $203,000. State Street Corp increased its holdings in shares of Health In Tech by 195.3% in the 4th quarter. State Street Corp now owns 62,900 shares of the company's stock worth $100,000 after buying an additional 41,600 shares during the last quarter. Jane Street Group LLC raised its position in shares of Health In Tech by 307.9% during the 4th quarter. Jane Street Group LLC now owns 50,648 shares of the company's stock valued at $81,000 after buying an additional 38,230 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Health In Tech in the 4th quarter valued at about $214,000. Finally, Geode Capital Management LLC lifted its stake in shares of Health In Tech by 46.6% in the 4th quarter. Geode Capital Management LLC now owns 170,502 shares of the company's stock valued at $271,000 after purchasing an additional 54,217 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on HIT shares. Wall Street Zen cut Health In Tech from a "hold" rating to a "sell" rating in a report on Saturday, April 25th. Craig Hallum started coverage on Health In Tech in a research report on Monday, April 20th. They set a "buy" rating and a $4.00 target price for the company. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Health In Tech in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $4.00.

About Health In Tech

Health in Tech, Inc engages in the provision of insurance technology platforms which offer a marketplace of processes in the healthcare industry. Its services include Stone Mountain Risk, eDIYBS, HI Card, HI Performance Network, and Ancillary Products. The company was founded by Tim Johnson in 2014 and is headquartered in Stuart, FL.

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