Why Shares of Xunlei Limited Tumbled Today
Shares of Chinese internet platform company Xunlei Limited (NASDAQ: XNET) slumped on Tuesday. There was no company-specific news driving the decline. The stock has exploded higher since Xunlei launched its own cryptocurrency project on Oct. 12, riding the cryptocurrency wave. Tuesday's decline may be a simple correction following a 475% gain in less than two months. Shares of Xunlei were down about 14% at 12:10 p.m. EST.
Bloomberg called Xunlei the hottest stock on the Nasdaq last week, and for good reason. After launching its "Wanke coin mining" cryptocurrency project on Oct. 12, the stock went from less than $5 per share to nearly $25 per share. It now sits around $18 per share after a couple days of declines following a jump last Friday.
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Source: Fool.com
