NaaS Technology Inc. recorded a notable increase in short interest during December 2023. As of December 15, short interest totaled 118,552 shares, marking a substantial rise of 49.8% compared to the November 30 total of 79,135 shares. This figure indicates that approximately 6.7% of the company’s total shares are currently sold short.
The short-interest ratio stands at 2.5 days, based on an average daily trading volume of 47,571 shares. This ratio reflects the number of days it would take for all shorted shares to be covered, providing insight into market sentiment regarding NaaS Technology.
Stock Performance and Market Overview
On Monday, shares of NaaS Technology traded down by $0.11, reaching a price of $3.40. A total of 6,523 shares changed hands, which is significantly lower than its average trading volume of 140,010 shares. The company currently holds a market capitalization of approximately $7.33 million, with a price-to-earnings (PE) ratio of -0.02 and a beta of 0.56, suggesting low volatility compared to the market.
Over the past year, NaaS Technology’s stock has experienced a low of $1.96 and a high of $40.32. The fifty-day moving average is noted at $3.56, while the 200-day moving average is at $3.36.
NaaS Technology last released its earnings results on October 14, 2023, reporting an earnings per share (EPS) of $0.00 for the quarter.
Company Profile and Services
NaaS Technology, Inc. operates as a network-as-a-service provider based in the United States. The firm specializes in designing, building, and operating high-performance fiber networks tailored for enterprise customers. Its offerings include subscription-based connectivity solutions that integrate fiber transport, software-defined wide area networking (SD-WAN), and edge computing capabilities.
By utilizing its proprietary infrastructure and network orchestration platform, NaaS Technology delivers reliable and scalable bandwidth solutions, minimizing the need for the capital-intensive investments typically associated with on-premises networks. The company’s product lineup features dedicated fiber circuits, cloud on-ramps to major public cloud providers, private wireless solutions, and managed SD-WAN services.
Investors and analysts continue to monitor NaaS Technology’s performance closely, particularly in light of the recent increase in short interest, which may indicate shifting market perceptions.
