Bank of America Cuts Ninetowns Internet Technlgy Grp (NINE) Price Target to $34.00

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) had its price target dropped by investment analysts at Bank of America from $47.00 to $34.00 in a research report issued to clients and investors on Monday. The firm presently has a “buy” rating on the stock. Bank of America’s price target indicates a potential upside of 22.77% from the company’s current price.

A number of other equities analysts have also issued reports on NINE. Credit Suisse Group decreased their price target on Ninetowns Internet Technlgy Grp from $36.00 to $34.00 and set an “outperform” rating for the company in a research note on Tuesday, August 14th. Zacks Investment Research lowered Ninetowns Internet Technlgy Grp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 16th. Citigroup began coverage on Ninetowns Internet Technlgy Grp in a research note on Monday, November 19th. They set a “buy” rating and a $40.00 price target for the company. Wells Fargo & Co reaffirmed a “positive” rating and set a $45.00 price target on shares of Ninetowns Internet Technlgy Grp in a research note on Tuesday, October 16th. Finally, Raymond James set a $46.00 price objective on Ninetowns Internet Technlgy Grp and gave the company a “buy” rating in a research report on Wednesday, November 14th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. Ninetowns Internet Technlgy Grp presently has an average rating of “Buy” and an average target price of $35.96.

NINE stock traded down $0.48 on Monday, reaching $27.70. The company’s stock had a trading volume of 16,453 shares, compared to its average volume of 190,332. Ninetowns Internet Technlgy Grp has a 52 week low of $22.23 and a 52 week high of $40.39.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last issued its quarterly earnings data on Tuesday, November 13th. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.01). The company had revenue of $218.43 million during the quarter, compared to analyst estimates of $215.78 million.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital World Investors lifted its holdings in shares of Ninetowns Internet Technlgy Grp by 10.4% in the third quarter. Capital World Investors now owns 1,504,000 shares of the company’s stock valued at $45,992,000 after purchasing an additional 142,000 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Ninetowns Internet Technlgy Grp by 88.0% in the third quarter. BlackRock Inc. now owns 1,106,543 shares of the company’s stock valued at $33,839,000 after purchasing an additional 518,043 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Ninetowns Internet Technlgy Grp by 31.4% in the third quarter. Thrivent Financial for Lutherans now owns 856,076 shares of the company’s stock valued at $26,179,000 after purchasing an additional 204,805 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Ninetowns Internet Technlgy Grp by 73.9% in the third quarter. Vanguard Group Inc. now owns 640,070 shares of the company’s stock valued at $19,573,000 after purchasing an additional 272,038 shares in the last quarter. Finally, Boston Partners lifted its holdings in shares of Ninetowns Internet Technlgy Grp by 24.2% in the second quarter. Boston Partners now owns 358,018 shares of the company’s stock valued at $11,857,000 after purchasing an additional 69,838 shares in the last quarter.

Ninetowns Internet Technlgy Grp Company Profile

Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.

Further Reading: Trading Strategy Methods and Types

Analyst Recommendations for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

Receive News & Ratings for Ninetowns Internet Technlgy Grp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ninetowns Internet Technlgy Grp and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit