Qutoutiao (NASDAQ:QTT) Stock Price Down 5.3%

Qutoutiao Inc – (NASDAQ:QTT) shares were down 5.3% during mid-day trading on Friday . The stock traded as low as $2.80 and last traded at $2.87, approximately 896,000 shares changed hands during mid-day trading. A decline of 54% from the average daily volume of 1,932,884 shares. The stock had previously closed at $3.03.

Separately, Zacks Investment Research raised Qutoutiao from a “sell” rating to a “hold” rating in a research note on Wednesday, October 23rd.

The firm has a market cap of $844.17 million, a PE ratio of -1.37 and a beta of 0.93. The company has a 50 day simple moving average of $3.51 and a 200-day simple moving average of $4.23. The company has a debt-to-equity ratio of 2.47, a current ratio of 2.20 and a quick ratio of 2.20.

Qutoutiao (NASDAQ:QTT) last announced its quarterly earnings data on Wednesday, September 4th. The company reported ($0.32) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.03). Qutoutiao had a negative net margin of 55.72% and a negative return on equity of 225.76%. The company had revenue of $203.18 million during the quarter, compared to the consensus estimate of $206.40 million. On average, sell-side analysts predict that Qutoutiao Inc – will post -1.34 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System bought a new position in shares of Qutoutiao during the third quarter valued at approximately $856,000. Voloridge Investment Management LLC bought a new position in shares of Qutoutiao during the second quarter valued at approximately $822,000. D. E. Shaw & Co. Inc. bought a new position in shares of Qutoutiao during the second quarter valued at approximately $1,368,000. Cubist Systematic Strategies LLC raised its holdings in shares of Qutoutiao by 134.0% during the second quarter. Cubist Systematic Strategies LLC now owns 99,261 shares of the company’s stock valued at $391,000 after acquiring an additional 56,845 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Qutoutiao by 2,551.6% during the second quarter. Morgan Stanley now owns 2,182,491 shares of the company’s stock valued at $8,599,000 after acquiring an additional 2,100,184 shares in the last quarter. Hedge funds and other institutional investors own 6.66% of the company’s stock.

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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