Xunlei (NASDAQ:XNET) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Shares of Xunlei Limited (NASDAQ:XNET) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.03 and traded as low as $5.81. Xunlei shares last traded at $5.82, with a volume of 198,308 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Weiss Ratings upgraded shares of Xunlei from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 3rd. Wall Street Zen downgraded Xunlei from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold”.

Xunlei Stock Down 1.8%

The company has a market capitalization of $353.89 million, a P/E ratio of 0.41 and a beta of 1.12. The company has a current ratio of 2.11, a quick ratio of 2.11 and a debt-to-equity ratio of 0.03. The stock’s fifty day moving average is $5.49 and its 200 day moving average is $6.02.

Xunlei announced that its board has authorized a share buyback program on Friday, June 26th that permits the company to buyback $0.00 in shares. This buyback authorization permits the software maker to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Xunlei in the 4th quarter worth approximately $31,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Xunlei during the 4th quarter valued at about $38,000. Walleye Capital LLC bought a new stake in Xunlei during the 2nd quarter valued at approximately $51,000. NewEdge Advisors LLC boosted its position in shares of Xunlei by 9,106.5% during the first quarter. NewEdge Advisors LLC now owns 18,413 shares of the software maker’s stock valued at $83,000 after purchasing an additional 18,213 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its position in Xunlei by 36.2% during the first 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. Institutional investors own 5.07% of the company’s stock.

About Xunlei

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.