The9 (NASDAQ:NCTY) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of The9 (NASDAQ:NCTY) from a sell rating to a hold rating in a research report report published on Wednesday morning.

The9 Stock Performance

Shares of NCTY stock opened at $5.75 on Wednesday. The company’s 50 day moving average price is $5.89 and its two-hundred day moving average price is $6.08. The9 has a 52 week low of $3.33 and a 52 week high of $14.70.

Institutional Trading of The9

Hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new stake in shares of The9 in the first quarter valued at approximately $45,000. Nomura Holdings Inc. acquired a new stake in shares of The9 in the first quarter valued at approximately $46,000. Goldman Sachs Group Inc. acquired a new stake in shares of The9 in the first quarter valued at approximately $48,000. Renaissance Technologies LLC acquired a new stake in shares of The9 in the first quarter valued at approximately $55,000. Finally, UBS Group AG raised its holdings in shares of The9 by 10,524.1% in the second quarter. UBS Group AG now owns 33,997 shares of the technology company’s stock valued at $57,000 after purchasing an additional 33,677 shares during the last quarter. 0.54% of the stock is currently owned by institutional investors and hedge funds.

The9 Company Profile

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.