Harvest Fund Management Co. Ltd Lowers Stock Holdings in Weibo Co. (NASDAQ:WB)

Harvest Fund Management Co. Ltd reduced its position in shares of Weibo Co. (NASDAQ:WB) by 19.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,697 shares of the information services provider’s stock after selling 12,892 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Weibo were worth $574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of WB. New York State Common Retirement Fund boosted its holdings in Weibo by 5.7% in the fourth quarter. New York State Common Retirement Fund now owns 61,627 shares of the information services provider’s stock valued at $675,000 after purchasing an additional 3,338 shares during the period. abrdn plc raised its stake in Weibo by 59.4% in the fourth quarter. abrdn plc now owns 18,665 shares of the information services provider’s stock valued at $204,000 after buying an additional 6,955 shares in the last quarter. Federated Hermes Inc. raised its stake in Weibo by 3.5% in the fourth quarter. Federated Hermes Inc. now owns 5,290,626 shares of the information services provider’s stock valued at $57,932,000 after buying an additional 179,482 shares in the last quarter. DGS Capital Management LLC increased its position in shares of Weibo by 42.1% during the fourth quarter. DGS Capital Management LLC now owns 23,121 shares of the information services provider’s stock worth $253,000 after purchasing an additional 6,850 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Weibo by 13.4% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 203,584 shares of the information services provider’s stock worth $2,229,000 after purchasing an additional 24,000 shares in the last quarter. 68.77% of the stock is currently owned by hedge funds and other institutional investors.

Weibo Price Performance

Shares of Weibo stock traded up $0.40 during trading on Wednesday, hitting $8.53. 1,188,103 shares of the company were exchanged, compared to its average volume of 2,286,324. The company has a quick ratio of 2.38, a current ratio of 2.51 and a debt-to-equity ratio of 0.54. Weibo Co. has a fifty-two week low of $7.58 and a fifty-two week high of $18.10. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of 5.73, a P/E/G ratio of 1.23 and a beta of 0.44. The firm has a 50 day moving average price of $8.95 and a 200 day moving average price of $9.95.

Weibo (NASDAQ:WB) last issued its quarterly earnings results on Thursday, March 14th. The information services provider reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.14). The business had revenue of $463.67 million during the quarter, compared to analyst estimates of $452.30 million. Weibo had a net margin of 19.47% and a return on equity of 10.77%. On average, equities analysts expect that Weibo Co. will post 1.64 earnings per share for the current fiscal year.

Weibo Cuts Dividend

The company also recently disclosed a — dividend, which will be paid on Monday, May 13th. Stockholders of record on Friday, April 12th will be issued a dividend of $0.80 per share. The ex-dividend date is Thursday, April 11th.

Analyst Ratings Changes

A number of research firms have recently commented on WB. Bank of America cut Weibo from a “buy” rating to an “underperform” rating and cut their target price for the stock from $19.50 to $10.00 in a research report on Thursday, January 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $10.60 price target on shares of Weibo in a research report on Thursday, March 28th. StockNews.com cut Weibo from a “buy” rating to a “hold” rating in a research report on Friday, January 19th. HSBC dropped their price target on Weibo from $13.60 to $9.80 and set a “hold” rating on the stock in a research report on Friday, March 15th. Finally, UBS Group upgraded Weibo from a “neutral” rating to a “buy” rating and dropped their price target for the company from $12.90 to $11.50 in a research report on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.98.

About Weibo

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, distribute, and discover 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.