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

StockNews.com upgraded shares of The9 (NASDAQ:NCTY) from a sell rating to a hold rating in a research note issued to investors on Wednesday.

The9 Stock Up 2.7 %

Shares of NASDAQ:NCTY opened at $5.75 on Wednesday. The9 has a twelve month low of $3.33 and a twelve month high of $14.70. The stock’s 50 day moving average is $5.89 and its 200-day moving average is $6.08.

Institutional Investors Weigh In On The9

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its position in 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 buying an additional 8,964 shares during the last quarter. Virtu Financial LLC bought a new position in The9 in the 1st quarter valued at $45,000. Goldman Sachs Group Inc. bought a new stake in shares of The9 during the 1st quarter worth $48,000. Renaissance Technologies LLC bought a new stake in shares of The9 during the 1st quarter worth $55,000. Finally, State Street Corp raised its stake in shares of The9 by 3.8% during the 1st quarter. State Street Corp now owns 587,228 shares of the technology company’s stock worth $1,750,000 after purchasing an additional 21,321 shares during the period. 0.54% of the stock is owned by hedge funds and other institutional investors.

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.