The9 (NASDAQ:NCTY) Now Covered by StockNews.com

Stock analysts at StockNews.com assumed coverage on shares of The9 (NASDAQ:NCTYGet Rating) in a report released on Saturday. The firm set a “sell” rating on the technology company’s stock.

The9 Stock Performance

The9 stock opened at $1.29 on Friday. The9 has a 52 week low of $0.45 and a 52 week high of $5.98. The business has a 50-day simple moving average of $0.71 and a 200 day simple moving average of $1.09.

Institutional Investors Weigh In On The9

A number of hedge funds and other institutional investors have recently modified their holdings of NCTY. Envestnet Asset Management Inc. lifted its stake in shares of The9 by 46.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 28,413 shares of the technology company’s stock valued at $85,000 after acquiring an additional 8,964 shares during the last quarter. Renaissance Technologies LLC bought a new position in The9 during the 1st quarter valued at approximately $55,000. State Street Corp raised its position in The9 by 3.8% during the 1st quarter. State Street Corp now owns 587,228 shares of the technology company’s stock valued at $1,750,000 after purchasing an additional 21,321 shares during the last quarter. Goldman Sachs Group Inc. bought a new position in The9 during the 1st quarter valued at approximately $48,000. Finally, Virtu Financial LLC bought a new position in shares of The9 in the 1st quarter worth approximately $45,000. Institutional investors own 2.81% of the company’s stock.

The9 Company Profile

(Get Rating)

The9 Ltd. is engaged in the operation of online games. It operates through Greater China and Other Areas geographical segments. The firm is transitioning to cryptocurrencies mining business. The company was founded by Jun Zhu on December 22, 1999 and is headquartered in Shanghai, China.

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