MINISO Group (NYSE:MNSO) Shares Gap Down – Here’s What Happened

MINISO Group Holding Limited (NYSE:MNSO)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $25.02, but opened at $24.26. MINISO Group shares last traded at $23.53, with a volume of 687,251 shares traded.

Wall Street Analysts Forecast Growth

MNSO has been the subject of several recent analyst reports. Citigroup initiated coverage on MINISO Group in a research note on Friday, October 4th. They issued a “buy” rating and a $26.80 price target for the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of MINISO Group in a research note on Monday, September 23rd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $15.00 target price (down previously from $27.00) on shares of MINISO Group in a research note on Tuesday, September 24th. Dbs Bank raised MINISO Group to a “strong-buy” rating in a research note on Tuesday, September 24th. Finally, Bank of America cut MINISO Group from a “buy” rating to an “underperform” rating in a research note on Monday, September 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $20.90.

MINISO Group Stock Performance

The firm has a market capitalization of $7.49 billion, a PE ratio of 21.28, a P/E/G ratio of 0.94 and a beta of 0.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.38 and a quick ratio of 1.93. The firm has a fifty day moving average price of $18.08 and a 200 day moving average price of $18.19.

Institutional Investors Weigh In On MINISO Group

Hedge funds have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in MINISO Group in the 2nd quarter worth about $26,000. Blue Trust Inc. lifted its stake in MINISO Group by 3,098.4% in the 2nd quarter. Blue Trust Inc. now owns 1,951 shares of the company’s stock worth $40,000 after acquiring an additional 1,890 shares in the last quarter. FMR LLC lifted its stake in MINISO Group by 230.2% in the 3rd quarter. FMR LLC now owns 4,137 shares of the company’s stock worth $73,000 after acquiring an additional 2,884 shares in the last quarter. Venturi Wealth Management LLC purchased a new stake in MINISO Group in the 3rd quarter worth about $78,000. Finally, Banque Cantonale Vaudoise purchased a new stake in MINISO Group in the 2nd quarter worth about $118,000. 17.16% of the stock is owned by hedge funds and other institutional investors.

About MINISO Group

MINISO Group Holding Limited, an investment holding company, engages in the retail and wholesale of lifestyle products and pop toy products in China, Asia, the United States, and Europe. The company offers products in various categories, including home decor products, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care products, snacks, fragrances and perfumes, and stationeries and gifts under the MINISO and WonderLife brand names; and blind boxes, toy bricks, model figures, model kits, collectible dolls, Ichiban Kuji, sculptures, and other popular toys under the TOP TOY brand.