Qutoutiao (NASDAQ:QTT) Stock Price Down 1.8% After Earnings Miss

Qutoutiao Inc – (NASDAQ:QTT) was down 1.8% during trading 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 were traded 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) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($2.92). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Qutoutiao had a negative net margin of 55.72% and a negative return on equity of 225.76%. The business’s revenue was up 44.0% on a year-over-year basis. During the same period in the prior year, the business posted ($2.72) EPS.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Morgan Stanley lifted its holdings in Qutoutiao by 2,551.6% in the 2nd quarter. Morgan Stanley now owns 2,182,491 shares of the company’s stock worth $8,599,000 after buying an additional 2,100,184 shares in the last quarter. Krane Funds Advisors LLC acquired a new position in shares of Qutoutiao in the second quarter worth about $5,048,000. Fosun International Ltd acquired a new position in shares of Qutoutiao in the second quarter worth about $2,896,000. BlackRock Inc. purchased a new position in Qutoutiao in the second quarter valued at about $2,277,000. Finally, Matthews International Capital Management LLC purchased a new position in Qutoutiao in the second quarter valued at about $1,733,000. 5.15% of the stock is owned by institutional investors and hedge funds.

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 business has a 50 day simple moving average of $3.43 and a two-hundred day simple moving average of $4.06. The stock has a market cap 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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