NaaS Technology (NASDAQ:NAAS) Shares Down 13.8% – Should You Sell?

NaaS Technology Inc. (NASDAQ:NAAS)’s stock price dropped 13.8% on Thursday . The company traded as low as $0.57 and last traded at $0.60. Approximately 571,384 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,230,453 shares. The stock had previously closed at $0.70.

NaaS Technology Trading Down 4.7 %

The company has a market capitalization of $9.45 million, a price-to-earnings ratio of -0.06 and a beta of 0.94. The firm’s 50 day simple moving average is $1.18 and its 200-day simple moving average is $2.20.

NaaS Technology announced that its board has approved a share buyback program on Friday, February 21st that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On NaaS Technology

An institutional investor recently bought a new position in NaaS Technology stock. U.S. Capital Wealth Advisors LLC bought a new stake in NaaS Technology Inc. (NASDAQ:NAAS) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 30,645 shares of the company’s stock, valued at approximately $61,000. U.S. Capital Wealth Advisors LLC owned about 0.19% of NaaS Technology at the end of the most recent quarter. 1.83% of the stock is owned by hedge funds and other institutional investors.

NaaS Technology Company Profile

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.