Ninetowns Internet Technlgy Grp (NASDAQ:NINE) Downgraded by Wells Fargo & Co to “Market Perform”

Wells Fargo & Co cut shares of Ninetowns Internet Technlgy Grp (NASDAQ:NINE) from an outperform rating to a market perform rating in a research note issued to investors on Thursday, The Fly reports.

A number of other research firms have also recently commented on NINE. Bank of America cut Ninetowns Internet Technlgy Grp from a buy rating to a neutral rating in a report on Wednesday, August 28th. AltaCorp Capital reiterated a sector perform rating on shares of Ninetowns Internet Technlgy Grp in a report on Thursday, June 20th. Raymond James reduced their price target on Ninetowns Internet Technlgy Grp from $28.00 to $15.00 and set a strong-buy rating for the company in a report on Tuesday, August 13th. Zacks Investment Research cut Ninetowns Internet Technlgy Grp from a hold rating to a strong sell rating in a report on Tuesday, July 16th. Finally, Citigroup reduced their price target on Ninetowns Internet Technlgy Grp from $18.00 to $10.00 and set a buy rating for the company in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Ninetowns Internet Technlgy Grp presently has an average rating of Buy and a consensus target price of $24.97.

Shares of NASDAQ:NINE traded down $0.08 during midday trading on Thursday, reaching $6.46. The company had a trading volume of 195,450 shares, compared to its average volume of 168,988. Ninetowns Internet Technlgy Grp has a 1-year low of $4.85 and a 1-year high of $40.39. The business’s 50 day moving average price is $8.52 and its 200 day moving average price is $17.14.



A number of institutional investors have recently bought and sold shares of NINE. Balyasny Asset Management LLC bought a new stake in shares of Ninetowns Internet Technlgy Grp during the second quarter worth approximately $3,911,000. Covalent Partners LLC bought a new stake in shares of Ninetowns Internet Technlgy Grp during the second quarter worth approximately $2,397,000. Marshall Wace LLP boosted its holdings in shares of Ninetowns Internet Technlgy Grp by 203.0% during the second quarter. Marshall Wace LLP now owns 102,062 shares of the company’s stock worth $1,769,000 after acquiring an additional 68,380 shares during the period. BlackRock Inc. boosted its holdings in shares of Ninetowns Internet Technlgy Grp by 6.4% during the second quarter. BlackRock Inc. now owns 1,027,379 shares of the company’s stock worth $17,806,000 after acquiring an additional 61,509 shares during the period. Finally, Spark Investment Management LLC bought a new stake in shares of Ninetowns Internet Technlgy Grp during the first quarter worth approximately $1,355,000.

Ninetowns Internet Technlgy Grp Company Profile

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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