Weibo Corporation (NASDAQ:WB – Get Free Report) hit a new 52-week low during trading on Monday . The stock traded as low as $6.89 and last traded at $6.91, with a volume of 786216 shares. The stock had previously closed at $6.99.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on WB. Benchmark restated a “hold” rating on shares of Weibo in a research note on Thursday, August 20th. Bank of America restated an “underperform” rating on shares of Weibo in a research report on Friday, August 21st. Jefferies Financial Group reaffirmed a “buy” rating and set a $9.80 target price on shares of Weibo in a research note on Thursday, May 28th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Weibo in a research note on Friday, July 24th. Finally, Citigroup cut Weibo from a “buy” rating to a “neutral” rating and dropped their price target for the company from $9.30 to $7.80 in a research note on Thursday, August 20th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Weibo presently has a consensus rating of “Reduce” and a consensus target price of $8.80.
Weibo Price Performance
Weibo (NASDAQ:WB – Get Free Report) last released its quarterly earnings results on Thursday, August 20th. The information services provider reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $453.83 million during the quarter, compared to the consensus estimate of $442.45 million. Weibo had a net margin of 17.78% and a return on equity of 8.87%. As a group, equities research analysts predict that Weibo Corporation will post 1.19 EPS for the current fiscal year.
Hedge Funds Weigh In On Weibo
A number of institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its stake in Weibo by 337.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,876 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 2,990 shares in the last quarter. Daiwa Securities Group Inc. bought a new position in shares of Weibo in the second quarter valued at $61,000. Nykredit A S bought a new position in shares of Weibo in the second quarter valued at $93,000. FourThought Financial Partners LLC acquired a new position in shares of Weibo during the fourth quarter valued at about $110,000. Finally, AQR Capital Management LLC bought a new stake in shares of Weibo during the first quarter worth about $117,000. 68.77% of the stock is currently owned by institutional investors.
About Weibo
Weibo Corporation operates one of China’s leading social media and microblogging platforms under the brand name Weibo. Launched in August 2009 by Sina Corporation, Weibo enables users to create, share and engage with short-form posts in real time. The platform supports text, images, videos and live streams, and offers features such as trending topics, hashtag campaigns and public discussion forums to facilitate user interaction and content discovery.
Weibo’s product suite extends beyond basic social networking to include digital content services such as live streaming, online games, value-added messaging and e-commerce integrations.
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