What's Going On With Cheetah Net Stock?
Portfolio Pulse from Erica Kollmann
Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) shares are experiencing significant volatility. After a 36% rise on Monday, the stock soared in after-hours trading but is now plummeting on Tuesday with heavy trading volume. The stock was halted on a circuit breaker due to the downside. Last week, the company closed a follow-on offering of 13.21 million shares at 62 cents each, raising $8.19 million for working capital and logistics development. Analysts have a 12-month price target of $4, but the stock is down 35.24% year-to-date.
May 21, 2024 | 4:43 pm
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Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) shares are experiencing significant volatility. After a 36% rise on Monday, the stock soared in after-hours trading but is now plummeting on Tuesday with heavy trading volume. The stock was halted on a circuit breaker due to the downside. Last week, the company closed a follow-on offering of 13.21 million shares at 62 cents each, raising $8.19 million for working capital and logistics development. Analysts have a 12-month price target of $4, but the stock is down 35.24% year-to-date.
The stock's recent volatility, heavy trading volume, and the halt on a circuit breaker indicate significant market uncertainty. The recent follow-on offering and the stock's year-to-date performance suggest potential downside in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100