Weibo (NASDAQ:WB) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Weibo Co. (NASDAQ:WB)’s share price crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $9.43 and traded as high as $9.48. Weibo shares last traded at $9.43, with a volume of 822,924 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WB. Benchmark reissued a “hold” rating on shares of Weibo in a report on Wednesday, November 20th. StockNews.com upgraded shares of Weibo from a “hold” rating to a “buy” rating in a report on Friday, December 6th. Finally, Citigroup increased their target price on shares of Weibo from $11.00 to $12.00 and gave the company a “buy” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.28.

Weibo Trading Up 1.1 %

The business has a fifty day moving average of $9.43 and a 200-day moving average of $8.76. The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 0.51.

Hedge Funds Weigh In On Weibo

Several hedge funds have recently made changes to their positions in the business. Hsbc Holdings PLC boosted its holdings in Weibo by 42.1% in the second quarter. Hsbc Holdings PLC now owns 59,890 shares of the information services provider’s stock valued at $460,000 after acquiring an additional 17,749 shares in the last quarter. Seven Eight Capital LP bought a new stake in shares of Weibo during the 2nd quarter valued at about $110,000. Canada Pension Plan Investment Board increased its position in shares of Weibo by 64.1% during the second quarter. Canada Pension Plan Investment Board now owns 1,309,385 shares of the information services provider’s stock valued at $10,056,000 after buying an additional 511,248 shares during the period. Caxton Associates LP raised its stake in Weibo by 55.9% in the second quarter. Caxton Associates LP now owns 50,239 shares of the information services provider’s stock worth $386,000 after buying an additional 18,008 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in Weibo by 56.1% in the second quarter. Millennium Management LLC now owns 726,940 shares of the information services provider’s stock worth $5,583,000 after buying an additional 261,180 shares during the period. 68.77% of the stock is owned by hedge funds and other institutional investors.

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.