Ninetowns Internet Technlgy Grp (NASDAQ:NINE) Stock Price Up 6.3%

Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE)’s share price rose 6.3% on Friday . The company traded as high as $17.42 and last traded at $17.33. Approximately 298,692 shares changed hands during mid-day trading, an increase of 120% from the average daily volume of 135,763 shares. The stock had previously closed at $16.30.

NINE has been the subject of a number of recent research reports. Raymond James lifted their price objective on shares of Ninetowns Internet Technlgy Grp from $31.00 to $32.00 and gave the company a “strong-buy” rating in a research note on Friday, March 8th. Zacks Investment Research upgraded shares of Ninetowns Internet Technlgy Grp from a “sell” rating to a “hold” rating in a research note on Friday, March 8th. Goldman Sachs Group began coverage on shares of Ninetowns Internet Technlgy Grp in a research report on Sunday, March 10th. They set a “buy” rating and a $33.00 price target for the company. Bank of America reaffirmed a “buy” rating and issued a $21.00 price target (down previously from $27.00) on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, June 25th. Finally, AltaCorp Capital reaffirmed a “sector perform” rating on shares of Ninetowns Internet Technlgy Grp in a report on Thursday, June 20th. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $35.31.

The company has a fifty day simple moving average of $18.50.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.53. The firm had revenue of $229.71 million during the quarter, compared to the consensus estimate of $229.51 million.

In related news, insider David Crombie sold 27,011 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $21.61, for a total value of $583,707.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Theodore R. Moore sold 8,730 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $21.54, for a total value of $188,044.20. The disclosure for this sale can be found here.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. bought a new position in Ninetowns Internet Technlgy Grp in the first quarter valued at $35,000. Great West Life Assurance Co. Can bought a new position in Ninetowns Internet Technlgy Grp in the fourth quarter valued at $39,000. Legal & General Group Plc increased its stake in Ninetowns Internet Technlgy Grp by 18.8% in the fourth quarter. Legal & General Group Plc now owns 2,639 shares of the company’s stock valued at $59,000 after acquiring an additional 418 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Ninetowns Internet Technlgy Grp by 310.5% in the first quarter. BNP Paribas Arbitrage SA now owns 3,124 shares of the company’s stock valued at $71,000 after acquiring an additional 2,363 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY increased its stake in Ninetowns Internet Technlgy Grp by 356.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,217 shares of the company’s stock valued at $118,000 after acquiring an additional 4,074 shares during the last quarter.

About Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.

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