Weibo (NASDAQ:WB) Share Price Passes Above 50-Day Moving Average – Here’s Why

Weibo Co. (NASDAQ:WB) crossed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $9.53 and traded as high as $9.58. Weibo shares last traded at $9.34, with a volume of 484,073 shares changing hands.

Analyst Ratings Changes

A number of brokerages recently commented on WB. Benchmark reissued a “hold” rating on shares of Weibo in a research note on Wednesday, November 20th. StockNews.com raised Weibo from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. Finally, Citigroup raised their price objective on Weibo from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Monday, September 30th. One investment 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. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $10.28.

Weibo Price Performance

The firm has a market capitalization of $2.25 billion, a PE ratio of 6.71 and a beta of 0.26. The company has a quick ratio of 3.57, a current ratio of 3.57 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $9.58 and a 200 day moving average price of $8.83.

Institutional Trading of Weibo

Institutional investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in Weibo by 155.2% in the 4th quarter. Blue Trust Inc. now owns 2,700 shares of the information services provider’s stock worth $27,000 after purchasing an additional 1,642 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Weibo in the fourth quarter valued at approximately $70,000. Creative Planning purchased a new position in Weibo during the third quarter worth approximately $112,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Weibo by 17.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,261 shares of the information services provider’s stock worth $134,000 after buying an additional 1,970 shares during the last quarter. Finally, Diversified Trust Co purchased a new stake in Weibo in the 3rd quarter valued at $194,000. 68.77% of the stock is owned by institutional investors and hedge funds.

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.