Weibo (NASDAQ:WB) Stock Price Breaks Above Fifty Day Moving Average – Here’s What Happened

Weibo Corporation (NASDAQ:WB) shares passed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $6.51 and traded as high as $6.59. Weibo shares last traded at $6.53, with a volume of 643,492 shares.

Wall Street Analysts Forecast Growth

WB has been the subject of several recent research reports. The Goldman Sachs Group set a $6.70 price objective on Weibo in a research note on Friday, October 23rd. Citigroup lowered shares of Weibo from a “buy” rating to a “neutral” rating and lowered their price target for the company from $9.30 to $7.80 in a report on Thursday, August 20th. Zacks Research upgraded Weibo from a “strong sell” rating to a “hold” rating in a research report on Friday, October 23rd. Bank of America reissued an “underperform” rating on shares of Weibo in a research note on Friday, August 21st. Finally, Benchmark reissued a “hold” rating on shares of Weibo in a research note on Thursday, August 20th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Weibo presently has a consensus rating of “Reduce” and a consensus target price of $8.10.

Weibo Price Performance

The company has a market capitalization of $1.60 billion, a P/E ratio of 5.40 and a beta of 0.19. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.59 and a quick ratio of 3.59. The company’s 50-day moving average price is $6.51 and its two-hundred day moving average price is $8.06.

Weibo (NASDAQ:WB) last posted its quarterly earnings results on Thursday, August 20th. The information services provider reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $453.83 million during the quarter, compared to analyst estimates of $442.45 million. Weibo had a net margin of 17.78% and a return on equity of 8.87%. As a group, sell-side analysts expect that Weibo Corporation will post 1.02 EPS for the current year.

Institutional Trading of Weibo

Hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. increased its holdings in shares of Weibo by 67.5% during the 3rd quarter. SBI Securities Co. Ltd. now owns 6,325 shares of the information services provider’s stock worth $41,000 after acquiring an additional 2,550 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Weibo by 337.5% in the first quarter. EverSource Wealth Advisors LLC now owns 3,876 shares of the information services provider’s stock valued at $34,000 after acquiring an additional 2,990 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Weibo by 15.2% in the second quarter. QRG Capital Management Inc. now owns 23,465 shares of the information services provider’s stock worth $170,000 after acquiring an additional 3,090 shares during the period. Bank of America Corp DE lifted its stake in Weibo by 45.9% during the first quarter. Bank of America Corp DE now owns 35,307 shares of the information services provider’s stock worth $309,000 after purchasing an additional 11,109 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Weibo in the 2nd quarter worth approximately $93,000. Institutional investors and hedge funds own 68.77% of the company’s stock.

About Weibo

Weibo Corp. (NASDAQ: WB) operates a social media platform in China centered on the Weibo service, a microblogging and content-sharing network. The platform enables users to create, discover and distribute text, images, video and live content, while allowing public figures, media organizations, businesses and government agencies to engage with audiences and participate in public discussions.

Weibo generates revenue primarily through advertising and marketing services, including promoted content and other brand- and performance-based advertising solutions.