Weibo (NASDAQ:WB) Sets New 12-Month High – Here’s What Happened

Weibo Corporation (NASDAQ:WB) hit a new 52-week high on Monday . The stock traded as high as $12.80 and last traded at $12.82, with a volume of 554347 shares changing hands. The stock had previously closed at $12.25.

Wall Street Analysts Forecast Growth

Separately, Citigroup lifted their price objective on shares of Weibo from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, August 15th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Weibo Stock Up 4.0%

The company has a debt-to-equity ratio of 0.31, a current ratio of 3.65 and a quick ratio of 3.65. The company has a market capitalization of $3.09 billion, a PE ratio of 9.00 and a beta of 0.08. The business has a 50-day moving average of $10.67 and a 200 day moving average of $9.69.

Weibo (NASDAQ:WB) last issued its quarterly earnings results on Thursday, August 14th. The information services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.27. Weibo had a return on equity of 12.65% and a net margin of 21.10%.The firm had revenue of $444.80 million for the quarter, compared to the consensus estimate of $438.84 million. During the same period in the prior year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities research analysts predict that Weibo Corporation will post 1.62 earnings per share for the current year.

Institutional Trading of Weibo

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its holdings in shares of Weibo by 1,641.9% during the 4th quarter. Wellington Management Group LLP now owns 1,048,522 shares of the information services provider’s stock valued at $10,013,000 after purchasing an additional 988,327 shares during the last quarter. Krane Funds Advisors LLC grew its position in shares of Weibo by 25.1% during the 1st quarter. Krane Funds Advisors LLC now owns 4,332,687 shares of the information services provider’s stock valued at $41,031,000 after acquiring an additional 868,643 shares during the period. Woodline Partners LP acquired a new stake in shares of Weibo during the 4th quarter valued at about $6,853,000. JPMorgan Chase & Co. grew its position in shares of Weibo by 497.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 720,348 shares of the information services provider’s stock valued at $6,865,000 after acquiring an additional 599,700 shares during the period. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Weibo during the 4th quarter valued at about $3,683,000. Institutional investors own 68.77% of the company’s stock.

About Weibo

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People’s Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.