Trident Digital Tech (NASDAQ:TDTH) Stock Price Down 14.3% – Here’s Why

Trident Digital Tech Holdings Ltd (NASDAQ:TDTH) shares dropped 14.3% on Wednesday . The stock traded as low as $1.49 and last traded at $1.56. 63,515 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 134,893 shares. The stock had previously closed at $1.82.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of Trident Digital Tech from a “sell (e+)” rating to a “sell (e)” rating in a report on Monday, June 15th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock currently has a consensus rating of “Sell”.

Trident Digital Tech Stock Down 14.3%

The firm has a fifty day simple moving average of $2.20 and a 200-day simple moving average of $6.69.

Trident Digital Tech (NASDAQ:TDTH) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($3.52) earnings per share for the quarter. The firm had revenue of $0.06 million during the quarter.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its holdings in shares of Trident Digital Tech by 547.5% in the first quarter. Renaissance Technologies LLC now owns 424,000 shares of the company’s stock valued at $81,000 after buying an additional 358,513 shares during the period. J. Derek Lewis & Associates Inc. bought a new stake in shares of Trident Digital Tech during the fourth quarter worth $59,000. Finally, XTX Topco Ltd raised its holdings in shares of Trident Digital Tech by 397.6% during the fourth quarter. XTX Topco Ltd now owns 96,217 shares of the company’s stock worth $29,000 after acquiring an additional 76,879 shares during the period.

About Trident Digital Tech

Trident Digital Tech Holdings Ltd. engages in the provision of business consulting services and information technology customization solutions. Its products include Tridentity, TriVerse, TriEvents, and TriFood. The company was founded by Soon Huat Lim in 2014 and is headquartered in Singapore.