Short Interest in Health In Tech, Inc. (NASDAQ:HIT) Expands By 140.1%

Key Points

• Short interest surged 140.1% to 829,807 shares as of April 15, equal to about 1.4% of shares outstanding and a days-to-cover ratio of 6.6 based on average daily volume.
• Institutions have been active—Geode boosted holdings by 46.6% and firms like Renaissance, XTX, Ancora and Two Sigma added positions—while analysts are split: Wall Street Zen cut to a "sell," Craig Hallum started coverage with a "buy" and $4 target, and the MarketBeat consensus is a "Buy" with a $3.25 target.

Health In Tech, Inc. (NASDAQ:HIT - Get Free Report) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totaling 829,807 shares, a growth of 140.1% from the March 31st total of 345,566 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 125,437 shares, the days-to-cover ratio is presently 6.6 days.

Hedge Funds Weigh In On Health In Tech

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in shares of Health In Tech by 46.6% during the 4th quarter. Geode Capital Management LLC now owns 170,502 shares of the company's stock worth $271,000 after buying an additional 54,217 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Health In Tech during the 4th quarter worth approximately $214,000. XTX Topco Ltd bought a new position in shares of Health In Tech during the 4th quarter worth approximately $203,000. Ancora Advisors LLC bought a new position in shares of Health In Tech during the 3rd quarter worth approximately $389,000. Finally, Two Sigma Investments LP bought a new position in shares of Health In Tech during the 3rd quarter worth approximately $386,000.

Analyst Upgrades and Downgrades

Several research firms have commented on HIT. Wall Street Zen downgraded Health In Tech from a "hold" rating to a "sell" rating in a research report on Saturday. Craig Hallum began coverage on Health In Tech in a research report on Monday, April 20th. They issued a "buy" rating and a $4.00 target price for the company. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Health In Tech in a research report on Thursday, April 2nd. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $3.25.

Health In Tech Price Performance

Shares of HIT remained flat at $1.51 during mid-day trading on Friday. The stock had a trading volume of 100,867 shares, compared to its average volume of 314,169. Health In Tech has a 52 week low of $0.55 and a 52 week high of $4.02. The company has a market capitalization of $90.54 million, a PE ratio of 75.50 and a beta of 6.19. The stock has a 50 day simple moving average of $1.52 and a 200 day simple moving average of $1.69.

Health In Tech (NASDAQ:HIT - Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.01). The company had revenue of $7.51 million for the quarter.

Health In Tech Company Profile

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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