Qutoutiao (NASDAQ:QTT) Stock Price Down 1.8% Following Weak Earnings

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Qutoutiao Inc – (NASDAQ:QTT)’s stock price was down 1.8% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $2.72 and last traded at $2.74, approximately 66,036 shares changed hands during trading. A decline of 92% from the average daily volume of 782,108 shares. The stock had previously closed at $2.79.

The company reported ($3.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($2.92). The company had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.40 billion. Qutoutiao had a negative net margin of 55.72% and a negative return on equity of 225.76%. Qutoutiao’s revenue for the quarter was up 44.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($2.72) earnings per share.

Separately, Zacks Investment Research upgraded shares of Qutoutiao from a “sell” rating to a “hold” rating in a research report on Wednesday, October 23rd.

A number of large investors have recently made changes to their positions in QTT. Morgan Stanley raised its holdings in Qutoutiao by 2,551.6% during the second quarter. Morgan Stanley now owns 2,182,491 shares of the company’s stock worth $8,599,000 after purchasing an additional 2,100,184 shares in the last quarter. Krane Funds Advisors LLC bought a new position in Qutoutiao during the 2nd quarter valued at $5,048,000. Fosun International Ltd bought a new position in Qutoutiao during the 2nd quarter valued at $2,896,000. BlackRock Inc. bought a new position in Qutoutiao during the 2nd quarter valued at $2,277,000. Finally, Matthews International Capital Management LLC acquired a new position in shares of Qutoutiao during the 2nd quarter valued at $1,733,000. 5.15% of the stock is currently owned by hedge funds and other institutional investors.

The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 2.47. The firm has a 50-day moving average price of $3.43 and a 200-day moving average price of $4.06. The company has a market capitalization of $830.01 million, a price-to-earnings ratio of -1.31 and a beta of 0.68.

Qutoutiao Company Profile (NASDAQ:QTT)

Qutoutiao Inc operates mobile platforms for the distribution, consumption, and sharing of light entertainment content in the People's Republic of China. The company operates Qutoutiao, a mobile application that aggregates articles and short videos from professional media and freelancers and presents customized feeds to users; and Quduopai, a mobile application that allows users to create, upload, and view videos.

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