Xunlei (NASDAQ:XNET) stock is soaring higher on Thursday despite a lack of news concerning the company.
To go along with the increase in its stock price, XNET is also seeing heavy trading today. As of this writing, more than 38 million shares of the stock have changed hands. To put that into perspective, its daily average trading volume is 1.72 million shares.
So why exactly are shares of XNET stock taking off today? While there’s no hard news, investors have been pushing shares of crypto stocks higher lately. With that in mind, it makes sense that Xunlei would be a target for investors looking for more growth opportunities in the crypto market.
Here’s a quick breakdown of Xunlei for potential investors to get them up to speed.
- The company is focused on shared cloud computing and blockchain technology.
- This has it offerings its range of products and services for loud acceleration, blockchain, shared cloud computing, and digital entertainment.
- The goal is to increase the safety and efficiency of using services online.
- Xunlei started out as an online service provider in 2003 but decided to switch over to a blockchain company in 2017.
- It offers a blockchain product called OneThing Cloud that lets users generate its LinkToken virtual currency for contributing their bandwidth to its media services.
- The company also has a peer-to-peer download manager that allows users to upload and download media between each other.
XNET stock was up 63.2% as of noon Thursday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.