NetEase (NASDAQ:NTES) Shares Gap Down – Here’s What Happened

NetEase, Inc. (NASDAQ:NTES)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $116.82, but opened at $111.54. NetEase shares last traded at $111.2320, with a volume of 440,958 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NTES shares. Benchmark reiterated a “buy” rating on shares of NetEase in a research note on Thursday, February 12th. Barclays dropped their price target on shares of NetEase from $135.00 to $132.00 and set an “equal weight” rating on the stock in a report on Thursday, February 12th. Nomura reduced their price target on shares of NetEase from $160.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Citigroup reiterated a “buy” rating on shares of NetEase in a research note on Wednesday, February 11th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $154.00 price target on shares of NetEase in a research note on Monday, March 2nd. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $156.88.

NetEase Price Performance

The business’s 50 day moving average price is $114.59 and its 200 day moving average price is $126.44. The stock has a market capitalization of $70.75 billion, a P/E ratio of 15.22, a price-to-earnings-growth ratio of 1.48 and a beta of 0.72.

Institutional Investors Weigh In On NetEase

A number of large investors have recently made changes to their positions in the company. Cornerstone Planning Group LLC bought a new position in shares of NetEase in the 3rd quarter worth approximately $33,000. V Square Quantitative Management LLC bought a new position in shares of NetEase in the 1st quarter worth approximately $25,000. Atlas Capital Advisors Inc. bought a new position in shares of NetEase in the 4th quarter worth approximately $47,000. Harbour Investments Inc. lifted its stake in shares of NetEase by 7,480.0% in the 4th quarter. Harbour Investments Inc. now owns 379 shares of the technology company’s stock worth $52,000 after purchasing an additional 374 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in shares of NetEase by 3,381.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 383 shares of the technology company’s stock worth $51,000 after purchasing an additional 372 shares during the period. 11.07% of the stock is currently owned by institutional investors.

NetEase Company Profile

NetEase, Inc (NASDAQ: NTES) is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company’s founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company’s primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.