Xunlei (NASDAQ:XNET) to Repurchase $0.00 in Outstanding Stock

Xunlei (NASDAQ:XNET) declared that its Board of Directors has authorized a share repurchase program on Friday, June 26th, RTT News reports. The company plans to buyback $0.00 in outstanding shares. This buyback authorization permits the software maker to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Xunlei from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, June 3rd. Wall Street Zen lowered Xunlei from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Xunlei Stock Performance

Xunlei stock traded up $0.33 during mid-day trading on Friday, reaching $5.36. 629,155 shares of the company’s stock were exchanged, compared to its average volume of 565,211. The business’s fifty day simple moving average is $5.70 and its 200 day simple moving average is $6.20. The firm has a market capitalization of $341.16 million, a PE ratio of 0.39 and a beta of 1.10. Xunlei has a one year low of $4.02 and a one year high of $11.03. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.03.

Xunlei (NASDAQ:XNET) last posted its quarterly earnings data on Saturday, February 14th. The software maker reported $0.02 earnings per share (EPS) for the quarter. Xunlei had a net margin of 185.71% and a return on equity of 1.47%. The business had revenue of $143.28 million during the quarter.

About Xunlei

Xunlei Limited (NASDAQ: XNET) is a China-based technology company specializing in content acceleration and cloud services. Its core offerings include the Xunlei download manager, which integrates peer-to-peer (P2P) and cloud-based acceleration technologies to enhance file delivery speeds for large downloads. The company has expanded its suite of products to encompass cloud storage solutions, media streaming applications and mobile browsing tools, all aimed at improving digital content distribution and user experience.

Founded in 2003 and headquartered in Shenzhen, Xunlei originally gained traction by addressing bandwidth constraints in China’s burgeoning internet market.