Korea Investment CORP lifted its position in shares of Weibo Corp (NASDAQ:WB) by 236.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,900 shares of the information services provider’s stock after buying an additional 16,100 shares during the period. Korea Investment CORP’s holdings in Weibo were worth $2,033,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Glen Point Capital LLP bought a new position in Weibo during the 2nd quarter worth approximately $839,000. ING Groep NV bought a new position in Weibo during the 2nd quarter worth approximately $528,000. Commerzbank Aktiengesellschaft FI grew its position in Weibo by 92.6% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 265,138 shares of the information services provider’s stock worth $23,534,000 after acquiring an additional 127,442 shares during the last quarter. Federated Investors Inc. PA bought a new position in Weibo during the 2nd quarter worth approximately $985,000. Finally, Artisan Partners Limited Partnership bought a new position in Weibo during the 2nd quarter worth approximately $109,350,000. 27.50% of the stock is currently owned by institutional investors.
Shares of WB stock opened at $72.86 on Friday. The company has a market capitalization of $15.33 billion, a PE ratio of 46.71 and a beta of 2.32. Weibo Corp has a fifty-two week low of $66.68 and a fifty-two week high of $142.12. The company has a debt-to-equity ratio of 0.61, a quick ratio of 3.97 and a current ratio of 3.97.
WB has been the topic of a number of recent analyst reports. Jefferies Financial Group reiterated a “buy” rating and issued a $145.00 price objective on shares of Weibo in a research report on Tuesday, July 24th. Zacks Investment Research lowered Weibo from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. BidaskClub lowered Weibo from a “hold” rating to a “sell” rating in a research report on Wednesday, September 5th. ValuEngine lowered Weibo from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 6th. Finally, BNP Paribas initiated coverage on Weibo in a research report on Thursday, June 14th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. Weibo has a consensus rating of “Hold” and an average target price of $131.71.
Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, distribute, and discover Chinese-language content. It operates through two segments, Advertising and Marketing Services, and Value-Added Services. The company offers self-expression products that enable its users to express themselves on its platform; social products to promote social interaction between users on its platform; and discovery products to help users discover content on its platform.
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