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TheStreet Wire

China Information Technology Stock Gaps Down On Today's Open (CNIT)

By TheStreet Wire 08/10/11 - 10:00 AM EDT

Find out if (CNIT) is in Cramer's Portfolio.

NEW YORK (TheStreet) -- Shares of China Information Technology (Nasdaq:CNIT) were gapping down Wednesday morning with an open price 13.5% lower than Tuesday's closing price. The stock closed at $1.85 Tuesday and opened today's trading at $1.60.

The average volume for China Information Technology has been 533,100 shares per day over the past 30 days. China Information Technology has a market cap of $95.2 million and is part of the technology sector and computer software & services industry. Shares are down 64.5% year to date as of the close of trading on Tuesday.

China Information Technology Inc. provides integrated solutions for the geographic information systems (GIS), digital public security technology (DPST), and the digital hospital information systems markets in the People's Republic of China. The company has a P/E ratio of 2.6, equal to the average computer software & services industry P/E ratio and below the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates China Information Technology as a hold. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income and revenue growth. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and disappointing return on equity. You can view the full China Information Technology Ratings Report.

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