Meituan (OTCMKTS:MPNGF) Trading 3.9% Higher – Here’s Why

Shares of Meituan (OTCMKTS:MPNGF) traded up 3.9% on Tuesday . The stock traded as high as $8.52 and last traded at $8.52. 200 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 11,057 shares. The stock had previously closed at $8.1980.

Analyst Ratings Changes

Separately, Citigroup upgraded Meituan to a “buy” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.00.

Meituan Stock Performance

The stock’s 50 day moving average price is $10.04 and its two-hundred day moving average price is $10.99.

About Meituan

Meituan is a leading Chinese technology-driven platform that facilitates on-demand delivery and local services through its mobile application and website. The company offers a wide range of services, including food delivery, in-store dining, grocery and fresh produce delivery, ride sharing, and hotel and travel bookings. Leveraging an extensive network of local merchants and service providers, Meituan connects millions of users with convenient, real-time access to everyday services and experiences across urban and suburban communities in Mainland China.

Founded in June 2010 by serial internet entrepreneur Wang Xing, Meituan originally launched as a group-buying platform before expanding its offerings to encompass multiple verticals in the online-to-offline (O2O) economy.