It was just yesterday that we reported on China Information Technology, Inc. (NASDAQ:CNIT) shares that had increased over 35%, due to what seemed to be technical analysis and several newsletter recommendations. Today, however, the stock is continuing its upward trend for a more substantial reason. Shares are up huge in morning trading after the company announced that they have regained compliance with the NASDAQ.
On November 23, China Information Technology, Inc. (NASDAQ:CNIT) received a notification from the NASDAQ that their shares had failed to meet the minimum bid price of $1.00 requred to maintain a listing on the exchange. This frightened many investors worrying that a delisting would harm the value of the company. Well today comes the good news, as NASDAQ has confirmed that the company has regained compliance, meaning they will remain on the NASDAQ as long as their bid price stays above the $1.00 mark.
Perhaps yesterday’s move was due to the fact that investors had a hunch that this news was coming, and not just technical factors alone. The stock is up 26.82% or $0.48 following the news, hitting $2.27 per share. About 2.25 million shares traded hands or up 426.14% from the average. CNIT has declined 75.03% since May 20, 2015 and is currently downtrending. It has underperformed the S&P500 by 72.77%.
The institutional sentiment decreased to 1.4 in Q2 2015. It’s down 10.60, from 12 in 2015Q2. The ratio is negative, as 4 funds sold all their China Information Technology, Inc. – Ordinary Shares shares they owned while 1 reduced their positions. 1 funds bought stakes while 6 increased their total positions. Institutions now own 2.11 million shares which is 65.41% more than the previous share count of 1.27 million in 2015Q2.
Hudson Bay Capital Management Lp holds 0.03% of its total portfolio in China Information Technology, Inc. – Ordinary Shares, equating to 656,165 shares. Sg Americas Securities Llc owns 996,586 shares representing 0.01% of their total US portfolio. Moreover, California Public Employees Retirement System has 0% of their total portfolio invested in the company, equating to 44,800 shares. The Illinois-based Citadel Advisors Llc has a total of 0% of their portfolio invested in the stock. Citigroup Inc, a New York-based fund reported 11 shares owned.
China Information Technology, Inc. operates as an Internet service company that provides cloud-based platform, exchange, and big data solutions enabling innovation and smart living in the education, healthcare, new media, finance, and transportation sectors in the People’s Republic of China. The company, through its proprietary Cloud-App-Terminal model, provides Â‘Cloud NestÂ’ big data services to the traditional media industry. The company provides integrated smart data platforms to governments, enterprises, and urban users. It also creates Internet ecosystem that enables vertical industry applications with cloud media, cloud meeting, Taoping Net, Tao Meeting, Touch One Pass, Healthcare One Pass, and Shopping One Pass. The company was formerly known as China Information Security Technology, Inc. and changed its name to China Information Technology, Inc. in August 2010. China Information Technology, Inc. is headquartered in Shenzhen, the PeopleÂ’s Republic of China.