NQ Mobile Inc (NYSE:NQ) fell 9.4% during trading on Friday . The stock traded as low as $3.64 and last traded at $3.74. 2,220,106 shares traded hands during mid-day trading, an increase of 438% from the average session volume of 412,645 shares. The stock had previously closed at $4.13.

Separately, BidaskClub raised shares of NQ Mobile from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd.

NQ Mobile announced that its Board of Directors has approved a stock repurchase program on Monday, November 13th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the software maker to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Fagan Associates Inc. boosted its stake in NQ Mobile by 4.6% during the 2nd quarter. Fagan Associates Inc. now owns 26,035 shares of the software maker’s stock worth $1,160,000 after purchasing an additional 1,150 shares during the last quarter. State Street Corp boosted its stake in NQ Mobile by 2.9% during the 2nd quarter. State Street Corp now owns 241,574 shares of the software maker’s stock worth $822,000 after purchasing an additional 6,890 shares during the last quarter. Profund Advisors LLC boosted its stake in NQ Mobile by 50.0% during the 2nd quarter. Profund Advisors LLC now owns 30,210 shares of the software maker’s stock worth $103,000 after purchasing an additional 10,065 shares during the last quarter. Stevens Capital Management LP boosted its stake in NQ Mobile by 83.5% during the 2nd quarter. Stevens Capital Management LP now owns 34,837 shares of the software maker’s stock worth $118,000 after purchasing an additional 15,856 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in NQ Mobile by 3.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 885,336 shares of the software maker’s stock worth $3,098,000 after purchasing an additional 32,939 shares during the last quarter. 8.35% of the stock is currently owned by institutional investors.

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NQ Mobile Company Profile

NQ Mobile Inc is a global provider of mobile Internet services. The Company provides a portfolio of offerings, including mobile game publishing platforms, mobile advertising platforms, mobile entertainment applications and platforms, mobile security and productivity applications, as well as other mobile applications.

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