ZW Data Action Technologies (CNET) Stock Sees Selling Pressure: Time To Buy Now?

After enjoying a strong rally on Thursday, the ZW Data Action Technologies Inc (NASDAQ:CNET) stock corrected sharply on Friday and declined by as much as 9%.

There has been no news about the company in recent times but the initial rally in the stock on Thursday was triggered by the fact that ZW Data Action was identified as one of the latest meme stocks. That being said, it should be noted that when a stock turns into a meme stock after having become the target of investors from Reddit and other platforms, it also displays considerable. Hence, it was no surprise that the ZW Data Action stock has also been quite volatile over the past couple of days.

However, at the same time, it might be a good move for investors to take a closer look at the company. In the quarter that ended on March 31, 2021, ZW Data Action managed to generate revenues of as much as $8.4 million, which represents a rise of as much as 91.5% year on year. The revenues got boosted by the company’s strong performance in digital advertising and other related fields. Despite the latest decline, it could be a stock that investors might considering tracking on Monday.

Market Reaction:

On Friday, CNET stock ended lower by 9% at $1.94 with more than 1.83 million shares, compared to its average volume of 749k shares. The stock has moved within a range of $1.8850 – 2.1700 after opening the trade at $2.12. Over the past 52-week, the stock has been trading within a range of $1.0200 – 6.1900.