Renren Inc. (NYSE:RENN) Major Shareholder Group Corp. Softbank Sells 152,870,520 Shares

Renren Inc. (NYSE:RENN – Get Rating) major shareholder Group Corp. Softbank sold 152,870,520 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $0.03, for a total transaction of $4,586,115.60. Following the transaction, the insider now directly owns 117,388,451 shares in the company, valued at $3,521,653.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Renren Price Performance

Renren stock opened at $0.95 on Friday. Renren Inc. has a 52 week low of $0.91 and a 52 week high of $33.91. The stock has a fifty day moving average of $1.22 and a 200-day moving average of $8.70.

Wall Street Analysts Forecast Growth

Separately, StockNews.com initiated coverage on shares of Renren in a report on Sunday, May 21st. They set a “hold” rating for the company.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Two Seas Capital LP grew its stake in shares of Renren by 26.5% during the third quarter. Two Seas Capital LP now owns 502,925 shares of the technology company’s stock worth $14,892,000 after buying an additional 105,270 shares during the last quarter. US Bancorp DE raised its position in Renren by 1,401.2% in the third quarter. US Bancorp DE now owns 2,477 shares of the technology company’s stock valued at $73,000 after purchasing an additional 2,312 shares during the last quarter. Susquehanna International Group LLP boosted its stake in shares of Renren by 238.6% during the first quarter. Susquehanna International Group LLP now owns 54,187 shares of the technology company’s stock valued at $76,000 after purchasing an additional 93,287 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Renren in the fourth quarter valued at approximately $74,000. Finally, UBS Group AG raised its holdings in Renren by 37,033.3% in the 1st quarter. UBS Group AG now owns 3,342 shares of the technology company’s stock valued at $73,000 after buying an additional 3,333 shares during the last quarter. Institutional investors own 21.71% of the company’s stock.

About Renren

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Renren, Inc engages in the Software as a Service (SaaS) business, which includes an all-in-one real estate solution provider and a large community for the trucking industry in the United States. The company was founded by Chen Yi Zhou in November 2002 and is headquartered in Phoenix, AZ.