Weibo (NASDAQ:WB) Stock Passes Above 50 Day Moving Average – Here’s What Happened

by · The Markets Daily

Weibo Co. (NASDAQ:WB – Get Free Report)’s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $9.43 and traded as high as $9.48. Weibo shares last traded at $9.43, with a volume of 822,924 shares traded.

Wall Street Analyst Weigh In

Several research firms have commented on WB. Citigroup boosted their price target on shares of Weibo from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Benchmark restated a “hold” rating on shares of Weibo in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Weibo from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Weibo presently has an average rating of “Hold” and an average price target of $10.28.

Check Out Our Latest Analysis on Weibo

Weibo Stock Up 3.8 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 3.57 and a quick ratio of 3.57. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 6.66 and a beta of 0.26. The firm’s 50 day simple moving average is $9.46 and its 200-day simple moving average is $8.78.

Hedge Funds Weigh In On Weibo

Several large investors have recently bought and sold shares of the stock. Canada Pension Plan Investment Board raised its holdings in shares of Weibo by 64.1% in the second quarter. Canada Pension Plan Investment Board now owns 1,309,385 shares of the information services provider’s stock valued at $10,056,000 after buying an additional 511,248 shares during the last quarter. Polunin Capital Partners Ltd purchased a new stake in shares of Weibo in the third quarter valued at about $5,064,000. Citigroup Inc. raised its holdings in shares of Weibo by 347.3% in the third quarter. Citigroup Inc. now owns 602,853 shares of the information services provider’s stock valued at $6,077,000 after buying an additional 468,072 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Weibo in the third quarter valued at about $3,696,000. Finally, Millennium Management LLC raised its holdings in shares of Weibo by 56.1% in the second quarter. Millennium Management LLC now owns 726,940 shares of the information services provider’s stock valued at $5,583,000 after buying an additional 261,180 shares during the last quarter. Institutional investors and hedge funds own 68.77% of the company’s stock.

Weibo Company Profile

(Get Free Report)

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People’s Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.

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