Xunlei (NASDAQ:XNET) to Buyback $0.00 in Outstanding Stock

Xunlei (NASDAQ:XNET) announced that its board has authorized a stock repurchase program on Friday, June 26th, RTT News reports. The company plans to repurchase $0.00 in shares. This repurchase authorization allows the software maker to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

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

Xunlei Stock Up 6.6%

XNET traded up $0.33 during midday trading on Friday, reaching $5.36. The company’s stock had a trading volume of 629,155 shares, compared to its average volume of 565,211. Xunlei has a 1 year low of $4.02 and a 1 year high of $11.03. 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 firm has a market capitalization of $341.16 million, a price-to-earnings ratio of 0.39 and a beta of 1.10. The stock’s 50-day moving average is $5.70 and its 200-day moving average is $6.20.

Xunlei (NASDAQ:XNET) last announced its quarterly earnings data on Saturday, February 14th. The software maker reported $0.02 earnings per share (EPS) for the quarter. Xunlei had a return on equity of 1.47% and a net margin of 185.71%.The business had revenue of $143.28 million during the quarter.

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.