Weibo (NASDAQ:WB) Stock Price Up 6.7% – Here’s What Happened

Shares of Weibo Co. (NASDAQ:WB) rose 6.7% during mid-day trading on Thursday . The stock traded as high as $10.94 and last traded at $10.91. Approximately 792,203 shares traded hands during trading, a decline of 10% from the average daily volume of 882,648 shares. The stock had previously closed at $10.22.

Wall Street Analysts Forecast Growth

WB has been the topic of several analyst reports. Benchmark reiterated a “hold” rating on shares of Weibo in a report on Wednesday, November 20th. StockNews.com raised shares of Weibo from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $10.28.

Weibo Stock Performance

The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 0.51. The firm’s 50 day simple moving average is $9.74 and its 200 day simple moving average is $8.94. The firm has a market cap of $2.62 billion, a PE ratio of 7.40 and a beta of 0.26.

Institutional Trading of Weibo

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Two Sigma Advisers LP boosted its stake in shares of Weibo by 1.7% during the third quarter. Two Sigma Advisers LP now owns 1,153,088 shares of the information services provider’s stock valued at $11,623,000 after purchasing an additional 19,200 shares during the period. State Street Corp boosted its holdings in shares of Weibo by 0.7% in the 3rd quarter. State Street Corp now owns 931,749 shares of the information services provider’s stock valued at $9,392,000 after buying an additional 6,369 shares in the last quarter. Millennium Management LLC grew its position in shares of Weibo by 56.1% in the 2nd 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 last quarter. Citigroup Inc. raised its stake in shares of Weibo by 347.3% during the 3rd quarter. Citigroup Inc. now owns 602,853 shares of the information services provider’s stock worth $6,077,000 after acquiring an additional 468,072 shares in the last quarter. Finally, Polunin Capital Partners Ltd lifted its position in Weibo by 14.6% during the fourth quarter. Polunin Capital Partners Ltd now owns 575,750 shares of the information services provider’s stock valued at $5,600,000 after acquiring an additional 73,412 shares during the last quarter. Hedge funds and other institutional investors own 68.77% of the company’s stock.

Weibo Company Profile

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.