Zacks: Brokerages Expect Ninetowns Internet Technlgy Grp Co Ltd. (NINE) Will Announce Quarterly Sales of $215.78 Million

Analysts expect that Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) will post $215.78 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Ninetowns Internet Technlgy Grp’s earnings, with the highest sales estimate coming in at $218.15 million and the lowest estimate coming in at $211.00 million. The business is scheduled to report its next quarterly earnings report before the market opens on Tuesday, November 13th.

According to Zacks, analysts expect that Ninetowns Internet Technlgy Grp will report full year sales of $813.93 million for the current year, with estimates ranging from $793.00 million to $828.11 million. For the next financial year, analysts forecast that the business will report sales of $1.02 billion, with estimates ranging from $919.00 million to $1.15 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Ninetowns Internet Technlgy Grp.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last released its quarterly earnings results on Monday, August 13th. The company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.17. The company had revenue of $205.49 million during the quarter, compared to the consensus estimate of $190.71 million.

NINE has been the topic of several research analyst reports. Zacks Investment Research cut shares of Ninetowns Internet Technlgy Grp from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 18th. Credit Suisse Group lowered their price target on shares of Ninetowns Internet Technlgy Grp from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Tuesday, August 14th. Piper Jaffray Companies set a $40.00 price target on shares of Ninetowns Internet Technlgy Grp and gave the company a “buy” rating in a report on Friday, August 17th. Wells Fargo & Co reissued a “positive” rating and issued a $45.00 price target on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, October 16th. Finally, Raymond James increased their price target on shares of Ninetowns Internet Technlgy Grp from $39.00 to $48.00 and gave the company a “strong-buy” rating in a report on Tuesday, October 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $34.86.

In other Ninetowns Internet Technlgy Grp news, insider Edward Bruce Morgan sold 20,500 shares of the stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $30.14, for a total transaction of $617,870.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Several large investors have recently made changes to their positions in the business. American International Group Inc. grew its position in shares of Ninetowns Internet Technlgy Grp by 89.0% during the 3rd quarter. American International Group Inc. now owns 9,854 shares of the company’s stock worth $301,000 after purchasing an additional 4,640 shares in the last quarter. BlackRock Inc. grew its position in shares of Ninetowns Internet Technlgy Grp by 88.0% during the 3rd quarter. BlackRock Inc. now owns 1,106,543 shares of the company’s stock worth $33,839,000 after purchasing an additional 518,043 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Ninetowns Internet Technlgy Grp by 93.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 62,941 shares of the company’s stock worth $1,925,000 after purchasing an additional 30,363 shares in the last quarter. Swiss National Bank grew its position in shares of Ninetowns Internet Technlgy Grp by 95.9% during the 3rd quarter. Swiss National Bank now owns 28,400 shares of the company’s stock worth $868,000 after purchasing an additional 13,900 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Ninetowns Internet Technlgy Grp by 70.1% during the 3rd quarter. Rhumbline Advisers now owns 12,795 shares of the company’s stock worth $391,000 after purchasing an additional 5,275 shares in the last quarter.

Ninetowns Internet Technlgy Grp stock traded down $0.13 during trading hours on Wednesday, hitting $35.16. The company had a trading volume of 133,998 shares, compared to its average volume of 188,126. Ninetowns Internet Technlgy Grp has a one year low of $22.23 and a one year high of $40.39.

About Ninetowns Internet Technlgy Grp

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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