Cheetah Net Supply Chain Service Inc. (NASDAQ:CTNT) shares jumped 17.74% in after-hours trading Wednesday to $1.87 after a Securities and Exchange Commission filing disclosed CEO, Interim CFO and Chairman Huan Liu purchased 200,000 shares of Class B common stock through a private placement.
Insider Buy Signals Confidence
Liu acquired the shares at $2.00 per share on Monday, totaling $400,000.
According to a separate SEC filing, the transaction lifted Liu’s aggregate beneficial ownership to 203,456 shares, representing a 6.4% stake based on 2.95 million Class A shares outstanding. Liu acquired the shares for investment purposes and has no plans for mergers, asset sales or board changes.
CTNT closed the regular session down 1.55% at $1.58, according to Benzinga Pro.
Liu’s buy at $2.00, above the stock’s last closing price, is generally interpreted by investors as a strong vote of confidence in the company’s prospects.
In its most recently reported quarter in May, Cheetah posted loss per share of $4.53, beating the estimate of negative $10.00 by 54.7%, though revenue of $92,700 missed the $200,000 estimate by 53.6%.
The buy follows Cheetah Net’s acquisition of Super International Trading Limited, a Hong Kong-based large-scale industrial equipment trading firm, in June.
The stock underwent a 1-for-200 reverse stock split on Apr. 20.
Trading Metrics, Technical Analysis
Cheetah Net Supply has a market capitalization of $4.69 million, a 52-week high of $424 and a 52-week low of $1.48.
The Relative Strength Index (RSI) of CTNT stands at 21.56.
The small-cap stock of the California-based logistics and warehousing services company has dropped 99.37% over the past 12 months.
CTNT is currently trading close to its yearly low.
Benzinga’s Edge Stock Rankings indicate that CTNT has a negative price trend across all time frames.
Photo Courtesy: Joyseulay on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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