Renren (NYSE:RENN) Hits New 52-Week High at $33.48

Renren Inc. (NYSE:RENNGet Rating)’s share price hit a new 52-week high on Friday . The stock traded as high as $33.48 and last traded at $33.30, with a volume of 7484 shares changing hands. The stock had previously closed at $32.82.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on Renren in a research note on Wednesday, October 12th. They set a “sell” rating for the company.

Renren Stock Performance

The firm has a 50 day moving average price of $30.47 and a two-hundred day moving average price of $29.37.

Hedge Funds Weigh In On Renren

A number of hedge funds have recently bought and sold shares of the company. Quadrant Capital Group LLC acquired a new position in Renren in the third quarter worth about $32,000. UBS Group AG grew its stake in Renren by 33.2% in the second quarter. UBS Group AG now owns 4,453 shares of the technology company’s stock worth $129,000 after purchasing an additional 1,111 shares in the last quarter. BlackRock Inc. grew its stake in Renren by 1,034.6% in the first quarter. BlackRock Inc. now owns 1,736 shares of the technology company’s stock worth $38,000 after purchasing an additional 1,583 shares in the last quarter. US Bancorp DE grew its stake in Renren by 1,401.2% in the third quarter. US Bancorp DE now owns 2,477 shares of the technology company’s stock worth $73,000 after purchasing an additional 2,312 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in Renren by 103.0% in the first quarter. Royal Bank of Canada now owns 7,350 shares of the technology company’s stock worth $161,000 after purchasing an additional 3,730 shares in the last quarter. 23.40% of the stock is currently owned by institutional investors and hedge funds.

About Renren

(Get Rating)

Renren Inc engages in the software as a service business in the People's Republic of China. The company develops Chime, a software as a service platform that offers customer relationship management, intelligent data exchange webpage service, and team management solutions for real estate professionals.

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