5 Investors Betting Big on Hitek Global (HKIT) Stock

Core Insights - Hitek Global's shares have surged nearly 300%, with unclear reasons behind the jump [1] - The company operates as a holding entity for several Chinese subsidiaries focused on information technology and technical consulting [1] - A short squeeze is unlikely, as short interest is only 0.21% of the float [1] Company Overview - Hitek has a float of 5.76 million shares, with today's trading volume exceeding 60 million shares, indicating a significant turnover [1] - Total shares outstanding are reported at 14.39 million [1] SEC Filing and Proposals - The latest SEC filing includes proposals for the 2024 general annual meeting, scheduled for February 5, 2024 [1] - The most significant proposal involves re-designating and re-classifying the 14.39 million currently issued shares into 6.2 million Class A ordinary shares [2] - Other proposals include the reappointment of three directors, the appointment of two new directors, and the appointment of Wei, Wei & Co. as the independent registered public accounting firm [2] Institutional Ownership - Institutional ownership of HKIT is low, with only 1.09% of shares and 2.73% of the float held by institutions [3] - During Q3, 11 13F filers disclosed stakes in Hitek, an increase of seven from the previous quarter [3] - The largest institutional shareholders include Citadel, HRT Financial, and Geode Capital Management, each holding a minimal stake [3] Major Shareholders - The largest shareholders of Hitek include: 1. Fortune Enterprise Holdings: 8.19 million shares 2. Cede & Co.: 3.4 million shares 3. Luotec Information: 548,237 shares 4. Star Discover Global: 431,000 shares 5. Centurion Tech Holdings: 414,000 shares [3]