Xunlei (NASDAQ:XNET) Share Price Passes Below 200 Day Moving Average – Here’s What Happened

Xunlei Limited (NASDAQ:XNET) shares passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.71 and traded as low as $4.92. Xunlei shares last traded at $5.04, with a volume of 241,758 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have commented on XNET. Weiss Ratings upgraded Xunlei from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, June 3rd. Wall Street Zen cut Xunlei from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Xunlei Trading Up 1.6%

The firm’s fifty day moving average price is $5.38 and its 200-day moving average price is $5.70. The company has a market cap of $325.89 million, a price-to-earnings ratio of -4.13 and a beta of 1.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.03 and a quick ratio of 2.03.

Xunlei (NASDAQ:XNET) last released its quarterly earnings data on Thursday, August 13th. The software maker reported ($0.03) earnings per share for the quarter. The firm had revenue of $102.11 million during the quarter. Xunlei had a positive return on equity of 0.62% and a negative net margin of 15.25%.

Xunlei announced that its Board of Directors has approved a stock repurchase plan on Friday, June 26th that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the software maker to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Xunlei

A number of hedge funds have recently made changes to their positions in XNET. Public Employees Retirement System of Ohio bought a new position in Xunlei in the 2nd quarter worth approximately $251,000. Renaissance Technologies LLC bought a new position in Xunlei in the 1st quarter valued at about $497,000. QRG Capital Management Inc. increased its stake in Xunlei by 36.2% during the 1st quarter. QRG Capital Management Inc. now owns 17,200 shares of the software maker’s stock valued at $96,000 after buying an additional 4,575 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in Xunlei during the 4th quarter valued at about $38,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Xunlei during the 4th quarter worth about $224,000. Institutional investors own 5.07% of the company’s stock.

Xunlei Company Profile

Xunlei Limited (NASDAQ: XNET) is a China-based technology company specializing in content acceleration and cloud services. Its core offerings include the Xunlei download manager, which integrates peer-to-peer (P2P) and cloud-based acceleration technologies to enhance file delivery speeds for large downloads. The company has expanded its suite of products to encompass cloud storage solutions, media streaming applications and mobile browsing tools, all aimed at improving digital content distribution and user experience.

Founded in 2003 and headquartered in Shenzhen, Xunlei originally gained traction by addressing bandwidth constraints in China’s burgeoning internet market.