Shares of Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) have been assigned an average rating of “Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $36.14.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research cut Ninetowns Internet Technlgy Grp from a “hold” rating to a “strong sell” rating in a report on Saturday. Bank of America cut their price target on Ninetowns Internet Technlgy Grp from $50.00 to $47.00 and set a “buy” rating on the stock in a report on Wednesday, November 14th. Wells Fargo & Co reaffirmed a “positive” rating and set a $45.00 price target on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, October 16th. Raymond James set a $46.00 price target on Ninetowns Internet Technlgy Grp and gave the company a “buy” rating in a report on Wednesday, November 14th. Finally, Credit Suisse Group lifted their price target on Ninetowns Internet Technlgy Grp from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Tuesday, October 9th.
Shares of NINE traded down $0.37 during mid-day trading on Friday, reaching $24.35. 58,427 shares of the company’s stock traded hands, compared to its average volume of 112,650. Ninetowns Internet Technlgy Grp has a 12 month low of $20.18 and a 12 month high of $40.39.
Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last released its quarterly earnings results on Tuesday, November 13th. The company reported $0.56 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.01). The firm had revenue of $218.43 million during the quarter, compared to the consensus estimate of $215.78 million.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Legal & General Group Plc increased its stake in Ninetowns Internet Technlgy Grp by 94.8% in the third quarter. Legal & General Group Plc now owns 2,221 shares of the company’s stock valued at $68,000 after acquiring an additional 1,081 shares during the period. Macquarie Group Ltd. acquired a new position in Ninetowns Internet Technlgy Grp in the second quarter valued at about $162,000. Proxima Capital Management LLC acquired a new position in Ninetowns Internet Technlgy Grp in the second quarter valued at about $224,000. California Public Employees Retirement System acquired a new position in Ninetowns Internet Technlgy Grp in the second quarter valued at about $228,000. Finally, Rhumbline Advisers acquired a new position in Ninetowns Internet Technlgy Grp in the second quarter valued at about $249,000.
About Ninetowns Internet Technlgy Grp
Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.
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