Health In Tech, Inc. (NASDAQ:HIT) experienced a significant decrease in short interest during December 2023. As of December 15, short interest totaled 132,749 shares, reflecting a dramatic decline of 68.8% from the November 30 total of 425,649 shares. With an average daily trading volume of 763,353 shares, the current short-interest ratio stands at 0.2 days, indicating that only 0.2% of the company’s shares are sold short.
Investment Activity from Hedge Funds
Recent trading activity indicates a shift in investor sentiment towards Health In Tech. Notably, several hedge funds have made new investments in the company. Raymond James Financial Inc. acquired shares worth approximately $45,000 during the third quarter. Similarly, Squarepoint Ops LLC invested around $46,000, while Millennium Management LLC took a position valued at approximately $85,000. Other hedge funds, including Cubist Systematic Strategies LLC and Arete Wealth Advisors LLC, also added Health In Tech to their portfolios, investing $41,000 and $47,000, respectively, during the first quarter.
Stock Performance and Analyst Ratings
On December 15, shares of Health In Tech rose by 0.7%, reaching $1.53 during trading hours. The company recorded a trading volume of 170,345 shares, significantly lower than its average volume of 1,002,410. The stock has fluctuated between a one-year low of $0.51 and a high of $7.59. The firm’s 50-day moving average is currently $1.86, while the 200-day moving average stands at $2.12. With a market capitalization of $87.07 million and a price-to-earnings ratio of 51.00, investors are closely watching Health In Tech’s performance.
Analyst feedback has been mixed, with Weiss Ratings reaffirming a “sell (d-)” rating on October 8, while Wall Street Zen downgraded the stock from a “buy” to a “hold” on November 16. Currently, one investment analyst has issued a Strong Buy rating, while another has rated it as a Sell. According to MarketBeat, Health In Tech holds a consensus rating of “Moderate Buy” with an average target price of $2.50.
About Health In Tech, Inc.
Founded in 2014 by Tim Johnson, Health In Tech, Inc. specializes in insurance technology solutions that facilitate various processes within the healthcare industry. The company, based in Stuart, FL, offers a range of services including Stone Mountain Risk, eDIYBS, HI Card, HI Performance Network, and Ancillary Products.
As market dynamics continue to evolve, investors and analysts alike will be keen to monitor Health In Tech’s trajectory amid changing investor interests and stock performance trends.
