StockNews.com Upgrades The9 (NASDAQ:NCTY) to Hold

The9 (NASDAQ:NCTY) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

The9 Stock Up 2.7 %

Shares of NCTY stock traded up $0.15 during mid-day trading on Wednesday, hitting $5.75. The company’s stock had a trading volume of 11,554 shares, compared to its average volume of 57,925. The9 has a 52-week low of $3.33 and a 52-week high of $14.70. The business has a 50-day moving average price of $5.89 and a 200 day moving average price of $6.08.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Nomura Holdings Inc. purchased a new stake in The9 during the first quarter valued at $46,000. Renaissance Technologies LLC increased its position in The9 by 75.8% in the third quarter. Renaissance Technologies LLC now owns 172,491 shares of the technology company’s stock worth $168,000 after buying an additional 74,348 shares in the last quarter. Millennium Management LLC purchased a new stake in The9 in the second quarter worth about $112,000. UBS Group AG increased its position in The9 by 10,524.1% in the second quarter. UBS Group AG now owns 33,997 shares of the technology company’s stock worth $57,000 after buying an additional 33,677 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in The9 in the first quarter worth about $45,000. Hedge funds and other institutional investors own 0.54% of the company’s stock.

About The9

The9 Limited, together with its subsidiaries, operates as Internet company in the People's Republic of China and internationally. It also involves in the operation of cryptocurrency mining and Non-Fungible Token platform NFTSTAR, a NFT trading and community platform that provides users with purchase, trade, and interactive activities.