Weibo Corporation (NASDAQ:WB – Get Free Report)’s share price reached a new 52-week low during trading on Thursday. The company traded as low as $6.36 and last traded at $6.3750, with a volume of 474996 shares. The stock had previously closed at $6.46.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on WB. Benchmark reaffirmed a “hold” rating on shares of Weibo in a report on Thursday, August 20th. Bank of America reiterated an “underperform” rating on shares of Weibo in a report on Friday, August 21st. Zacks Research cut shares of Weibo from a “hold” rating to a “strong sell” rating in a research note on Thursday, September 24th. Weiss Ratings restated a “sell (d+)” rating on shares of Weibo in a research note on Friday, July 24th. Finally, Citigroup downgraded shares of 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 report on Thursday, August 20th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $8.80.
View Our Latest Report on Weibo
Weibo Stock Performance
Weibo (NASDAQ:WB – Get Free Report) last announced its quarterly earnings data on Thursday, August 20th. The information services provider reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Weibo had a return on equity of 8.87% and a net margin of 17.78%.The business had revenue of $453.83 million for the quarter, compared to the consensus estimate of $442.45 million. Sell-side analysts predict that Weibo Corporation will post 1.02 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Weibo
A number of institutional investors and hedge funds have recently made changes to their positions in WB. Saba Capital Management L.P. grew its position in Weibo by 21.0% in the 1st quarter. Saba Capital Management L.P. now owns 2,437,357 shares of the information services provider’s stock valued at $21,327,000 after acquiring an additional 422,294 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Weibo by 41.9% during the second quarter. Wellington Management Group LLP now owns 2,363,373 shares of the information services provider’s stock worth $17,158,000 after purchasing an additional 697,778 shares during the last quarter. Sei Investments Co. lifted its position in shares of Weibo by 39.6% during the first quarter. Sei Investments Co. now owns 584,557 shares of the information services provider’s stock worth $5,115,000 after purchasing an additional 165,936 shares during the last quarter. Alpine Investment Management Ltd purchased a new stake in shares of Weibo during the fourth quarter valued at $3,945,000. Finally, XY Capital Ltd boosted its stake in shares of Weibo by 94.1% during the fourth quarter. XY Capital Ltd now owns 198,356 shares of the information services provider’s stock valued at $2,027,000 after purchasing an additional 96,150 shares during the period. 68.77% of the stock is owned by hedge funds and other institutional investors.
About Weibo
Weibo Corporation (NASDAQ: WB) operates a social media platform in China that enables users to create, share and discover short-form content. Often described as a microblogging service, Weibo supports public posts, multimedia content, hashtags, trending topics, comments, direct messaging and interactions among users, public figures, media organizations and businesses.
The company generates revenue primarily through advertising and marketing services, including promoted content, display advertising and advertising products designed to help brands reach targeted audiences.
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