NaaS Technology Inc. (NASDAQ:NAAS - Get Free Report) was the target of a significant decline in short interest in April. As of April 15th, there was short interest totalling 363,100 shares, a decline of 56.2% from the March 31st total of 828,300 shares. Based on an average daily volume of 1,950,000 shares, the short-interest ratio is currently 0.2 days. Currently, 8.8% of the shares of the stock are short sold.
Institutional Investors Weigh In On NaaS Technology
A hedge fund recently bought a new stake in NaaS Technology stock. U.S. Capital Wealth Advisors LLC purchased a new position in shares of NaaS Technology Inc. (NASDAQ:NAAS - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,645 shares of the company's stock, valued at approximately $61,000. U.S. Capital Wealth Advisors LLC owned approximately 0.19% of NaaS Technology as of its most recent SEC filing. 1.83% of the stock is currently owned by hedge funds and other institutional investors.
NaaS Technology Price Performance
NAAS stock traded down $0.35 during trading on Monday, hitting $1.48. The stock had a trading volume of 20,859,703 shares, compared to its average volume of 395,880. NaaS Technology has a twelve month low of $0.57 and a twelve month high of $80.80. The stock has a market capitalization of $50.90 million, a P/E ratio of -0.15 and a beta of 1.03. The company's 50-day moving average price is $3.34 and its two-hundred day moving average price is $7.27.
NaaS Technology declared that its Board of Directors has authorized a stock buyback program on Friday, February 21st that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
About NaaS Technology
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NaaS Technology Inc provides electric vehicle (EV) charging services in China. The company offers integrated online EV charging solutions to charging stations, including mobility connectivity services through Kuaidian; SaaS products, such as traffic support and management, marketing, payment, chargers' management, order management, load management, and membership management.
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