Qutoutiao Inc – (NASDAQ:QTT) fell 8.2% on Friday . The company traded as low as $5.54 and last traded at $5.62. 3,662,732 shares were traded during trading, an increase of 74% from the average session volume of 2,101,106 shares. The stock had previously closed at $6.12.
A number of research analysts recently commented on QTT shares. Deutsche Bank cut Qutoutiao from a “buy” rating to a “hold” rating and set a $10.00 price target on the stock. in a research report on Wednesday, February 20th. Citigroup upgraded Qutoutiao from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $16.00 to $14.00 in a research report on Tuesday, April 16th. Zacks Investment Research cut Qutoutiao from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Finally, UBS Group cut Qutoutiao from a “buy” rating to a “neutral” rating and set a $14.00 price target on the stock. in a research report on Friday, February 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $12.80.
The stock has a market capitalization of $1.71 billion and a P/E ratio of -2.68.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Morgan Stanley grew its holdings in shares of Qutoutiao by 164,514.0% in the 1st quarter. Morgan Stanley now owns 82,307 shares of the company’s stock worth $953,000 after purchasing an additional 82,257 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Qutoutiao in the 1st quarter worth about $181,000. SG Americas Securities LLC bought a new stake in shares of Qutoutiao in the 1st quarter worth about $236,000. FMR LLC bought a new stake in shares of Qutoutiao in the 4th quarter worth about $4,510,000. Finally, BlackRock Inc. bought a new stake in shares of Qutoutiao in the 4th quarter worth about $399,000. Institutional investors own 0.30% of the company’s stock.
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About Qutoutiao (NASDAQ:QTT)
Qutoutiao Inc operates mobile platforms for the distribution, consumption, and sharing of light entertainment content in the People's Republic of China. The company operates Qutoutiao, a mobile application that aggregates articles and short videos from professional media and freelancers and presents customized feeds to users; and Quduopai, a mobile application that allows users to create, upload, and view videos.
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