The stock of ChinaNet Online Holdings, Inc. (NASDAQ:CNET) is now priced at $1.43 and the shares are 0.26 points up or 22.22% higher compared to its previous closing price of $1.17. The stock had 3.346 million contracts set over the past session. CNET shares’ daily volume is compared to its average trading volume at 0.694 million shares. However, it has a float of 15.92 million and although its performance was 19.67% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CNET share price recently placing at $1.18 to $1.49. However, some brokerage firms have priced the stock below the average, including one that has called $6.25.
The shorts are running away from the ChinaNet Online Holdings, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CNET shares have declined. Short interest in the stock represents just 1.73% of its float, but the volume has dropped by -46008. The volume of shorted shares dropped to 274698 from 320706 shares over the last two weeks. The average intraday trading volume has been 1.007 million shares, which means that days to cover moved to roughly 1.
In the last trading session, ChinaNet Online Holdings, Inc. (NASDAQ:CNET) raised by $0.235 over the week and gained $0.02 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.04. The stock recorded its established 52-week high on 10/28/19.
Since 03/18/20, the stock has traded to a low of $0.5401 at 164.77%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.93. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, ChinaNet Online Holdings, Inc.’s two-week RSI is 62.76. This suggests that the stock is neutral at the moment and that CNET shares’ price movement remains stable. The stochastic readings are equally revealing at 38.69% meaning the CNET share price is currently in neutral territory.
The technical chart shows that the CNET stock will likely settle at between $1.5533 and $1.6767 per share. However, if the stock dips below $1.2433, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.0567.
Currently, the stock is trading in the green of MACD, with a reading of 0.0506. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CNET a rating of Buy in their intiating review released on February 22.