ChinaNet Online Holdings Inc. (CNET) lost ground during morning trading on September 22 to make it one of the worst performers amongst all NYSE and NASDAQ listed stocks in the services sector halfway through the trading day. At the lunch break, shares of CNET have fallen 4.08% to $1.41 after closing the day prior at $1.47. So far, the stock has traded as high as $1.58 and as low as $1.41. Today’s decline has come with about 28,210 shares changing hands, compared to an average 30-day volume of 29,616 for ChinaNet Online Holdings Inc.. The price is currently below the 30-day volume weighted average price of $1.56 for CNET.
The share depreciation gives the company a market capitalization of $17.87 million based upon 12.16 million shares outstanding. It also means that CNET has a price-to-book ratio of 0.71:1.
In the past 52 weeks, shares of CNET have traded as low as $1.145 and as high as $2.8675. Technical traders will take note that at $1.41, shares of CNET are trading below their 200-day MA at $1.73 and below their 50-day MA at $1.76. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding below them is typically regarded as bearish.
Who is CNET?
ChinaNet Online Holdings Inc is a B2B, integrated internet service provider for expanding small & medium enterprises sales networks in China. Its segments include Internet Advertising, Television Advertising, Bank Kiosks & Brand management. The company’s 383 employees are led by CEO Handong Cheng from the corporate headquarters at No. 3 Min Zhuang Road in Beijing, .
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