Renren (NYSE:RENN) Shares Pass Above 200 Day Moving Average of $2.21

Shares of Renren Inc (NYSE:RENN) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.21 and traded as high as $2.81. Renren shares last traded at $2.71, with a volume of 10,704 shares.

A number of brokerages have issued reports on RENN. ValuEngine upgraded Renren from a “sell” rating to a “hold” rating in a research note on Monday, May 4th. Zacks Investment Research upgraded Renren from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a research note on Friday, May 29th.

The firm has a market cap of $62.14 million, a PE ratio of -2.82 and a beta of 2.52. The stock has a 50 day simple moving average of $3.65 and a 200-day simple moving average of $2.21.

An institutional investor recently raised its position in Renren stock. Raymond James & Associates grew its position in shares of Renren Inc (NYSE:RENN) by 51.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,620 shares of the technology company’s stock after purchasing an additional 10,000 shares during the period. Raymond James & Associates owned approximately 0.13% of Renren worth $25,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 0.91% of the company’s stock.

Renren Company Profile (NYSE:RENN)

Renren Inc operates a social networking Internet platform in the People's Republic of China. It operates through two segments, Renren and Auto Group. The company operates and Renren Mobile App that enable users to communicate and stay connected with friends, classmates, family members, and co-workers; and, a PC-based social video platform for users to stream their performances live to viewers.

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