Shares of Qutoutiao Inc – (NASDAQ:QTT) rose 7.1% during mid-day trading on Wednesday . The company traded as high as $4.38 and last traded at $4.35, approximately 1,808,216 shares changed hands during trading. A decline of 15% from the average daily volume of 2,123,434 shares. The stock had previously closed at $4.06.
Separately, Zacks Investment Research cut shares of Qutoutiao from a “hold” rating to a “sell” rating in a research report on Friday, September 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $12.80.
The company has a market cap of $1.15 billion and a P/E ratio of -1.94. The stock’s 50-day moving average price is $4.25 and its 200-day moving average price is $6.79. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 2.47.
Several hedge funds have recently added to or reduced their stakes in QTT. Bank of Montreal Can bought a new position in Qutoutiao in the 2nd quarter valued at about $59,000. Public Employees Retirement System of Ohio bought a new position in Qutoutiao in the 2nd quarter valued at about $59,000. Enlightenment Research LLC bought a new position in Qutoutiao in the 2nd quarter valued at about $66,000. Vanguard Group Inc. bought a new position in Qutoutiao in the 2nd quarter valued at about $75,000. Finally, NumerixS Investment Technologies Inc bought a new position in Qutoutiao in the 2nd quarter valued at about $94,000. 6.72% of the stock is currently owned by institutional investors.
About Qutoutiao (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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