NaaS Technology (NASDAQ:NAAS) Stock Price Down 5.1% – Time to Sell?

NaaS Technology Inc. (NASDAQ:NAAS)’s share price dropped 5.1% during mid-day trading on Wednesday . The company traded as low as $2.18 and last traded at $2.25. Approximately 151,038 shares changed hands during trading, a decline of 81% from the average daily volume of 783,921 shares. The stock had previously closed at $2.37.

NaaS Technology Price Performance

The firm has a market cap of $28.98 million, a PE ratio of -0.23 and a beta of 0.90. The stock’s fifty day simple moving average is $3.10 and its 200-day simple moving average is $3.99.

Institutional Investors Weigh In On NaaS Technology

A hedge fund recently bought a new stake in NaaS Technology stock. LMR Partners LLP bought a new stake in NaaS Technology Inc. (NASDAQ:NAAS) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 221,832 shares of the company’s stock, valued at approximately $885,000. LMR Partners LLP owned 1.72% of NaaS Technology at the end of the most recent reporting period. 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.