What's Going On With Cheetah Net Stock?

Cheetah Net Supply Chain Service Inc. CTNT shares are falling Tuesday after the stock soared in after-hours trading Monday. Here's a look at what to know:

Cheetah Net shares have been volatile recently and ended regular trading up 36% on Monday. The stock then soared after the closing bell despite a lack of company-specific news. 

Cheetah Net shares are plummeting Tuesday on heavy trading volume and the stock was halted on a circuit breaker to the downside in early trading. According to data from Benzinga Pro, more than 10.3 million shares have already been traded in the session, compared to the stock’s 100-day average of 1.311 million shares.

Last week, the company announced the closing of its follow-on offering of 13,210,000 shares of Class A common stock. Each share of Class A common stock was sold at an offering price of 62 cents for gross proceeds of $8.19 million. Cheetah Net intends to use the net proceeds received from the offering to fund working capital and to develop its warehousing and logistics services.

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Will CTNT Stock Go Up?

When trying to assess whether or not Cheetah Net Supply Chain will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $4 on Cheetah Net Supply Chain.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Cheetah Net Supply Chain have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Cheetah Net Supply Chain is 35.24% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Cheetah Net Supply Chain, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

CTNT Price Action: According to Benzinga Pro, Cheetah Net shares are down 83.5% at $2.43 at the time of publication Tuesday.

Image: Kazun from Pixabay