The9 (NASDAQ:NCTY) Stock Rating Lowered by StockNews.com

The9 (NASDAQ:NCTY) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Thursday.

The9 Stock Down 2.8 %

The9 stock traded down $0.31 during midday trading on Thursday, hitting $10.67. 128,248 shares of the company’s stock were exchanged, compared to its average volume of 52,940. The firm has a 50-day moving average of $8.13 and a two-hundred day moving average of $7.82. The9 has a 12 month low of $4.03 and a 12 month high of $11.93.

Institutional Investors Weigh In On The9

A hedge fund recently raised its stake in The9 stock. Independent Advisor Alliance grew its stake in The9 Limited (NASDAQ:NCTY) by 17.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,232 shares of the technology company’s stock after purchasing an additional 2,422 shares during the period. Independent Advisor Alliance owned about 0.18% of The9 worth $110,000 at the end of the most recent quarter. Institutional investors own 0.54% of the company’s stock.

The9 Company Profile

The9 Limited operates as a cryptocurrency mining business in China, Eastern Europe, Asia, and North America. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was incorporated in 1999 and is headquartered in Shanghai, the People’s Republic of China.