Renren (RENN) Stock Price Down 17.1%
Renren Inc (NYSE:RENN) shares dropped 17.1% during mid-day trading on Friday . The company traded as low as $14.80 and last traded at $15.19. Approximately 6,431,300 shares changed hands during trading, a decline of 3% from the average daily volume of 6,613,767 shares. The stock had previously closed at $18.32.
Separately, BidaskClub cut shares of Renren from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 14th.
The firm has a market capitalization of $889.40, a price-to-earnings ratio of -1.19 and a beta of 0.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.30 and a current ratio of 1.51.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Newman Dignan & Sheerar Inc. acquired a new position in Renren during the third quarter valued at approximately $111,000. Northern Trust Corp lifted its stake in Renren by 48.5% in the second quarter. Northern Trust Corp now owns 29,146 shares of the technology company’s stock valued at $177,000 after buying an additional 9,523 shares in the last quarter. Nomura Holdings Inc. bought a new position in Renren in the second quarter valued at approximately $187,000. JPMorgan Chase & Co. lifted its stake in Renren by 1,254.6% in the third quarter. JPMorgan Chase & Co. now owns 36,019 shares of the technology company’s stock valued at $313,000 after buying an additional 33,360 shares in the last quarter. Finally, State Street Corp lifted its stake in Renren by 6.3% in the second quarter. State Street Corp now owns 52,288 shares of the technology company’s stock valued at $319,000 after buying an additional 3,105 shares in the last quarter. Hedge funds and other institutional investors own 2.41% of the company’s stock.
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Renren Company Profile
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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