Weibo (NASDAQ:WB) Stock Price Passes Above 50 Day Moving Average – Here’s What Happened

Shares of Weibo Corporation (NASDAQ:WB) crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $7.74 and traded as high as $8.04. Weibo shares last traded at $8.00, with a volume of 1,016,584 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have commented on WB shares. Weiss Ratings downgraded Weibo from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday, April 27th. Zacks Research downgraded Weibo from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 9th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $9.80 price target on shares of Weibo in a research report on Thursday, May 28th. Two equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.90.

Weibo Trading Up 3.2%

The firm has a market cap of $1.96 billion, a P/E ratio of 5.59, a price-to-earnings-growth ratio of 4.66 and a beta of 0.21. The stock has a fifty day simple moving average of $7.74 and a 200 day simple moving average of $8.97. The company has a debt-to-equity ratio of 0.48, a quick ratio of 3.02 and a current ratio of 3.02.

Weibo (NASDAQ:WB) last announced its quarterly earnings results on Thursday, May 28th. The information services provider reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). Weibo had a net margin of 21.15% and a return on equity of 9.90%. The business had revenue of $421.33 million for the quarter, compared to the consensus estimate of $416.76 million. During the same period in the previous year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, research analysts expect that Weibo Corporation will post 1.26 earnings per share for the current fiscal year.

Institutional Trading of Weibo

A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its position in Weibo by 45.9% during the first quarter. Bank of America Corp DE now owns 35,307 shares of the information services provider’s stock valued at $309,000 after purchasing an additional 11,109 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Weibo by 337.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,876 shares of the information services provider’s stock valued at $34,000 after buying an additional 2,990 shares during the period. Saba Capital Management L.P. boosted its stake in shares of 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 worth $21,327,000 after buying an additional 422,294 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Weibo by 39.6% in the 1st quarter. Sei Investments Co. now owns 584,557 shares of the information services provider’s stock worth $5,115,000 after buying an additional 165,936 shares during the last quarter. Finally, AIA Group Ltd grew its holdings in shares of Weibo by 229.7% in the first quarter. AIA Group Ltd now owns 103,579 shares of the information services provider’s stock worth $906,000 after acquiring an additional 72,159 shares during the period. 68.77% of the stock is currently owned by institutional investors.

About Weibo

Weibo Corporation operates one of China’s leading social media and microblogging platforms under the brand name Weibo. Launched in August 2009 by Sina Corporation, Weibo enables users to create, share and engage with short-form posts in real time. The platform supports text, images, videos and live streams, and offers features such as trending topics, hashtag campaigns and public discussion forums to facilitate user interaction and content discovery.

Weibo’s product suite extends beyond basic social networking to include digital content services such as live streaming, online games, value-added messaging and e-commerce integrations.