Next Technology (NASDAQ:NXTT) Shares Down 10.5% – Here’s What Happened

Next Technology Holding Inc. (NASDAQ:NXTT)’s stock price dropped 10.5% on Friday . The stock traded as low as $6.67 and last traded at $7.39. Approximately 189,289 shares were traded during mid-day trading, an increase of 34% from the average daily volume of 140,775 shares. The stock had previously closed at $8.26.

Analyst Upgrades and Downgrades

NXTT has been the topic of several analyst reports. Wall Street Zen lowered Next Technology from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Weiss Ratings restated a “sell (d)” rating on shares of Next Technology in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has a consensus rating of “Sell”.

Next Technology Stock Down 10.5%

The firm has a market capitalization of $21.21 million, a price-to-earnings ratio of 0.16 and a beta of 7.17. The stock’s 50-day moving average price is $9.34 and its 200 day moving average price is $142.02.

Next Technology (NASDAQ:NXTT) last released its quarterly earnings data on Wednesday, October 8th. The company reported ($6.86) EPS for the quarter. The business had revenue of $1.79 million for the quarter.

Hedge Funds Weigh In On Next Technology

A number of institutional investors have recently added to or reduced their stakes in NXTT. Geode Capital Management LLC purchased a new stake in Next Technology in the 2nd quarter valued at $412,000. XTX Topco Ltd purchased a new position in shares of Next Technology during the 2nd quarter worth $76,000. Invesco Ltd. acquired a new position in shares of Next Technology during the 2nd quarter valued at about $788,000. Qube Research & Technologies Ltd purchased a new stake in shares of Next Technology in the second quarter valued at about $32,000. Finally, Vident Advisory LLC acquired a new stake in Next Technology during the second quarter worth about $124,000. Hedge funds and other institutional investors own 2.71% of the company’s stock.

Next Technology Company Profile

Next Technology Holding Inc provides technical services and solutions through its social e-commerce platform primarily in Mainland China. It offers YCloud, a micro-business cloud intelligent internationalization system that conducts multi-channel data analysis through the learning of big data and social recommendation relationships, as well as provides users with AI fission and management systems, and supply chain systems. The company’s YCloud system also provides micro-business owners with various payment methods, such as Alipay, WeChat, and UnionPay.