Renren (RENN) Shares Down 6.8%
Renren Inc (NYSE:RENN) shares fell 6.8% during mid-day trading on Friday . The stock traded as low as $11.18 and last traded at $11.42. 1,802,405 shares traded hands during trading, a decline of 61% from the average session volume of 4,636,134 shares. The stock had previously closed at $12.25.
Separately, BidaskClub upgraded shares of Renren from a “sell” rating to a “hold” rating in a report on Saturday, September 23rd.
The company has a current ratio of 1.51, a quick ratio of 1.30 and a debt-to-equity ratio of 0.11.
Several large investors have recently added to or reduced their stakes in the company. Newman Dignan & Sheerar Inc. acquired a new stake in Renren in the 3rd quarter worth approximately $111,000. Northern Trust Corp boosted its stake in Renren by 48.5% in the 2nd quarter. Northern Trust Corp now owns 29,146 shares of the technology company’s stock worth $177,000 after purchasing an additional 9,523 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in Renren in the 2nd quarter worth approximately $187,000. JPMorgan Chase & Co. boosted its stake in Renren by 1,254.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 36,019 shares of the technology company’s stock worth $313,000 after purchasing an additional 33,360 shares in the last quarter. Finally, State Street Corp boosted its stake in Renren by 6.3% in the 2nd quarter. State Street Corp now owns 52,288 shares of the technology company’s stock worth $319,000 after purchasing an additional 3,105 shares in the last quarter. Institutional investors and hedge funds own 2.41% of the company’s stock.
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Renren Inc operates a real name social networking Internet platform in China. The Company enables users to connect and communicate with each other, share photos, and various features and services. The Company is developing Internet finance business to leverage its social networking services and user base in China, particularly focusing on the audience of college students and young people in China.
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