Next Technology (NASDAQ:NXTT) Stock Price Down 5.3% - Here's Why

Key Points

• Next Technology Holding Inc. (NASDAQ:NXTT) saw its stock price decline by 5.3%, trading as low as $1.04 before rebounding slightly to $1.15, amid significantly reduced trading volume.
• Despite the drop in stock price, Wall Street analysts upgraded NXTT to a "hold" rating, indicating potential future growth.
• Several hedge funds have made recent investments in NXTT, with a total of approximately $732,000 allocated during the second quarter, reflecting increased institutional interest in the company.

Next Technology Holding Inc. (NASDAQ:NXTT - Get Free Report) shares traded down 5.3% on Monday . The stock traded as low as $1.04 and last traded at $1.15. 527,024 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 2,909,716 shares. The stock had previously closed at $1.21.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of Next Technology to a "hold" rating in a research note on Saturday, June 21st.

Next Technology Stock Performance

The stock has a 50 day simple moving average of $2.02 and a 200 day simple moving average of $1.31.

Next Technology (NASDAQ:NXTT - Get Free Report) last released its earnings results on Friday, August 8th. The company reported $0.27 earnings per share (EPS) for the quarter.

Hedge Funds Weigh In On Next Technology

Several hedge funds and other institutional investors have recently made changes to their positions in NXTT. Qube Research & Technologies Ltd acquired a new stake in shares of Next Technology during the 2nd quarter worth approximately $32,000. XTX Topco Ltd bought a new stake in Next Technology during the second quarter worth $76,000. Tower Research Capital LLC TRC acquired a new stake in shares of Next Technology in the 2nd quarter valued at $92,000. Vident Advisory LLC bought a new position in shares of Next Technology in the 2nd quarter valued at $124,000. Finally, Geode Capital Management LLC bought a new stake in shares of Next Technology during the 2nd quarter worth $412,000. 2.71% of the stock is currently owned by institutional investors and hedge funds.

About Next Technology

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.

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