Qutoutiao Inc – (NASDAQ:QTT)’s share price rose 5.3% during trading on Friday . The company traded as high as $4.25 and last traded at $4.20, approximately 980,412 shares were traded during mid-day trading. A decline of 53% from the average daily volume of 2,107,822 shares. The stock had previously closed at $3.99.
Separately, Zacks Investment Research raised Qutoutiao from a “sell” rating to a “hold” rating in a research report on Tuesday, July 23rd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Qutoutiao presently has a consensus rating of “Hold” and a consensus target price of $12.80.
The business has a fifty day simple moving average of $4.23 and a 200 day simple moving average of $7.76. The stock has a market capitalization of $1.13 billion and a P/E ratio of -2.00. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.02.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley boosted its holdings in shares of Qutoutiao by 2,551.6% during the second quarter. Morgan Stanley now owns 2,182,491 shares of the company’s stock worth $8,599,000 after purchasing an additional 2,100,184 shares during the period. Krane Funds Advisors LLC bought a new stake in shares of Qutoutiao during the second quarter valued at approximately $5,048,000. Fosun International Ltd bought a new stake in shares of Qutoutiao during the second quarter valued at approximately $2,896,000. FMR LLC bought a new stake in shares of Qutoutiao during the fourth quarter valued at approximately $4,510,000. Finally, BlackRock Inc. bought a new stake in shares of Qutoutiao during the second quarter valued at approximately $2,277,000. 0.52% of the stock is currently owned by institutional investors and hedge funds.
Qutoutiao Company Profile (NASDAQ:QTT)
Qutoutiao Inc operates mobile platforms for the distribution, consumption, and sharing of light entertainment content in the People's Republic of China. The company operates Qutoutiao, a mobile application that aggregates articles and short videos from professional media and freelancers and presents customized feeds to users; and Quduopai, a mobile application that allows users to create, upload, and view videos.
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