17 Education & Technology Group Inc (NASDAQ:YQ) Stock Pulls Back On Profit Booking

China based education technology company 17 Education & Technology Group Inc (NASDAQ:YQ) may not have been in the news in the past week, but that has not stopped the volatility in its stock.

Market Stats

On Thursday, YQ stock decreased 16.37% to $2.3500 with more than 1.16 million shares, compared to its average volume of 508.89K shares. The stock has moved within a range of $2.1800 – 2.7646 after opening trade at $2.7500.

Recent News

On Thursday, the stock fell sharply and ended the day with a decline of 16% after having rallied strongly in the previous days. In this context, it is important for investors to keep in mind that the 17 Education & Technology Group stock is still up by a staggering 175% in the past week. The last time any news emerged about the company was on November 2 and it might be a good move to take a look at it once again.

At the time, the company announced that its board of directors had provided the much needed approval with regards to a share buyback programme.

As per the provisions of this programme, the company is going to buy common shares in 17 Education & Technology Group worth up to $10 million over the course of a period of 12 months. It was a major development since a share buyback programme is usually seen as a way for a company to give back cash to the shareholders.

Traders Corner

YQ stock is trading below the 20-Day and 50-Day Moving averages of $3.33 and $3.62 respectively. Moreover, the stock is trading below the 200-Day moving average of $18.56. The stock is down 29% in the past month.