Connexa Sports Technologies (NASDAQ:YYAI) Shares Down 7.2% – Here’s Why

Connexa Sports Technologies Inc. (NASDAQ:YYAI) shares traded down 7.2% during mid-day trading on Wednesday . The stock traded as low as $1.80 and last traded at $1.92. 1,014,525 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 759,559 shares. The stock had previously closed at $2.07.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Connexa Sports Technologies to a “hold” rating in a research report on Saturday, August 16th.

Connexa Sports Technologies Stock Performance

The stock has a 50-day simple moving average of $3.15 and a two-hundred day simple moving average of $1.66. The firm has a market cap of $27.96 million, a PE ratio of -0.17 and a beta of -2.04.

Connexa Sports Technologies (NASDAQ:YYAI) last issued its earnings results on Monday, September 15th. The company reported $0.06 earnings per share for the quarter. Connexa Sports Technologies had a return on equity of 15.61% and a net margin of 23.04%.The business had revenue of $3.00 million during the quarter.

Hedge Funds Weigh In On Connexa Sports Technologies

Hedge funds have recently bought and sold shares of the business. Private Advisor Group LLC purchased a new position in Connexa Sports Technologies in the 1st quarter worth about $32,000. XTX Topco Ltd bought a new stake in shares of Connexa Sports Technologies during the 1st quarter valued at about $38,000. Finally, Geode Capital Management LLC grew its stake in shares of Connexa Sports Technologies by 7.2% during the 2nd quarter. Geode Capital Management LLC now owns 90,581 shares of the company’s stock valued at $81,000 after purchasing an additional 6,116 shares during the period. Hedge funds and other institutional investors own 4.03% of the company’s stock.

Connexa Sports Technologies Company Profile

Connexa Sports Technologies Inc engages in the sports equipment and technology business in the United States. The company offers Slinger Launcher, a portable padel tennis ball launcher and pickleball launcher; and Slinger Bag Launcher, a ball launcher built into transport wheeled trolley bag. It also provides Gameface, AI technology and performance analytics for sports.