Market cap of OmniLit Acquisition Corp [OLIT] reaches 22.90M – now what?

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OmniLit Acquisition Corp [NASDAQ: OLIT] stock went on an upward path that rose over 5.52% on Thursday, amounting to a one-week price increase of more than 3.18%. The company report on October 31, 2023 at 3:15 PM that OmniLit Acquisition Corp. Shareholders Approve Syntec Optics Merger.

Over 99.9% of the votes cast at the Annual Meeting for the Business Combination Proposal were cast in favor. OLIT shareholders also voted to approve all other proposals presented at the Annual Meeting. OLIT plans to file the results of the Annual Meeting, as tabulated by the inspector of election, with the Securities and Exchange Commission (the “SEC”) on a Form 8-K.

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The market cap for the stock reached $22.90 million, with 14.38 million shares outstanding and 0.59 million shares in the current float. Compared to the average trading volume of 30.90K shares, OLIT stock reached a trading volume of 3348618 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on OmniLit Acquisition Corp [OLIT]:

The Average True Range (ATR) for OmniLit Acquisition Corp is set at 1.11 The Price to Book ratio for the last quarter was 1.74, with the Price to Cash per share for the same quarter was set at 0.15.

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OLIT Stock Performance Analysis:

OmniLit Acquisition Corp [OLIT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.18. With this latest performance, OLIT shares gained by 1.42% in over the last four-week period, additionally plugging by 5.73% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OLIT stock in for the last two-week period is set at 50.61, with the RSI for the last a single of trading hit 49.98, and the three-weeks RSI is set at 51.18 for OmniLit Acquisition Corp [OLIT]. The present Moving Average for the last 50 days of trading for this stock 10.53, while it was recorded at 10.88 for the last single week of trading, and 10.21 for the last 200 days.

Insight into OmniLit Acquisition Corp Fundamentals:

Return on Total Capital for OLIT is now -1.01, given the latest momentum, and Return on Invested Capital for the company is 1.09. Return on Equity for this stock inclined to 1.09, with Return on Assets sitting at 1.05.

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Reflecting on the efficiency of the workforce at the company, OmniLit Acquisition Corp [OLIT] managed to generate an average of $282,541 per employee.OmniLit Acquisition Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.32 and a Current Ratio set at 0.32.

OmniLit Acquisition Corp [OLIT] Institutonal Ownership Details

The top three institutional holders of OLIT stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in OLIT stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in OLIT stock with ownership which is approximately 5.7994%.

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