Next Technology (NASDAQ:NXTT) Shares Down 17.6% - Here's Why

Key Points

• Next Technology stock plummeted 17.6% on Tuesday, trading as low as $20.14 before closing at $23.72, significantly below its previous close of $28.80.
• Analysts have adjusted their ratings, with Wall Street Zen recently upgrading Next Technology to a "hold" rating.
• Several institutional investors increased their positions in Next Technology during the second quarter, with notable acquisitions totaling over $700,000.

Next Technology Holding Inc. (NASDAQ:NXTT - Get Free Report) shares were down 17.6% during mid-day trading on Tuesday . The stock traded as low as $20.14 and last traded at $23.72. Approximately 404,361 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 125,265,624 shares. The stock had previously closed at $28.80.

Analyst Upgrades and Downgrades

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

Next Technology Trading Up 2.1%

The business has a 50-day moving average price of $249.52 and a 200 day moving average price of $239.14.

Next Technology (NASDAQ:NXTT - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The company reported $54.00 earnings per share for the quarter.

Institutional Trading of Next Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC acquired a new stake in Next Technology in the second quarter worth about $412,000. XTX Topco Ltd purchased a new position in Next Technology during the second quarter valued at approximately $76,000. Invesco Ltd. purchased a new stake in shares of Next Technology in the second quarter valued at approximately $788,000. Qube Research & Technologies Ltd purchased a new stake in shares of Next Technology in the second quarter valued at approximately $32,000. Finally, Vident Advisory LLC purchased a new stake in shares of Next Technology during the second quarter worth approximately $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.