Weibo (NASDAQ:WB) Shares Up 6.7% – Here’s Why

Shares of Weibo Co. (NASDAQ:WB) were up 6.7% during trading on Thursday . The company traded as high as $10.94 and last traded at $10.91. Approximately 792,203 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 882,648 shares. The stock had previously closed at $10.22.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. StockNews.com raised shares of Weibo from a “hold” rating to a “buy” rating in a report on Friday, December 6th. Benchmark reaffirmed a “hold” rating on shares of Weibo in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Weibo currently has a consensus rating of “Hold” and an average price target of $10.28.

Weibo Trading Up 5.7 %

The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 7.40 and a beta of 0.26. The company has a fifty day moving average price of $9.74 and a 200-day moving average price of $8.94. The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 0.51.

Institutional Investors Weigh In On Weibo

Several hedge funds have recently modified their holdings of the company. Polunin Capital Partners Ltd acquired a new position in Weibo during the third quarter worth $5,064,000. Citigroup Inc. increased its stake in Weibo by 347.3% during the 3rd quarter. Citigroup Inc. now owns 602,853 shares of the information services provider’s stock worth $6,077,000 after buying an additional 468,072 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Weibo during the third quarter valued at approximately $3,696,000. Millennium Management LLC lifted its position in shares of Weibo by 56.1% in the second quarter. Millennium Management LLC now owns 726,940 shares of the information services provider’s stock valued at $5,583,000 after acquiring an additional 261,180 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Weibo by 60.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 282,199 shares of the information services provider’s stock worth $2,845,000 after acquiring an additional 105,780 shares during the last quarter. 68.77% of the stock is owned by hedge funds and other institutional investors.

About Weibo

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People’s Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.