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.
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.
Featured Article: Why do companies engage in swaps?
Receive News & Ratings for Qutoutiao Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Qutoutiao and related companies with MarketBeat.com's FREE daily email newsletter.