NaaS Technology (NASDAQ:NAAS) Shares Down 13.8% – Here’s What Happened

NaaS Technology Inc. (NASDAQ:NAAS) was down 13.8% on Thursday . The stock traded as low as $0.57 and last traded at $0.60. Approximately 571,384 shares changed hands during 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 stock has a market capitalization of $9.45 million, a price-to-earnings ratio of -0.06 and a beta of 0.94. The business has a 50 day simple moving average of $1.18 and a 200-day simple moving average of $2.20.

NaaS Technology announced that its board has initiated a share repurchase plan on Friday, February 21st that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically 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 acquired a new position in shares of NaaS Technology Inc. (NASDAQ:NAAS) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 30,645 shares of the company’s stock, valued at approximately $61,000. U.S. Capital Wealth Advisors LLC owned 0.19% of NaaS Technology as of its most recent SEC filing. 1.83% of the stock is owned by institutional investors.

About NaaS Technology

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.