Qutoutiao Inc – (NASDAQ:QTT) shares shot up 6.8% during trading on Friday . The stock traded as high as $4.06 and last traded at $4.06, 1,315,758 shares were traded during mid-day trading. A decline of 38% from the average session volume of 2,133,048 shares. The stock had previously closed at $3.80.
Several research firms have recently commented on QTT. Citigroup upgraded Qutoutiao from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $16.00 to $14.00 in a report on Tuesday, April 16th. Zacks Investment Research upgraded Qutoutiao from a “sell” rating to a “hold” rating in a report on Tuesday, July 23rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $12.80.
The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.05 billion and a P/E ratio of -1.93. The firm has a 50 day moving average price of $4.26.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC bought a new stake in shares of Qutoutiao in the fourth quarter worth about $4,510,000. SG Americas Securities LLC bought a new stake in shares of Qutoutiao in the first quarter worth about $236,000. BlackRock Inc. bought a new stake in shares of Qutoutiao in the fourth quarter worth about $399,000. Bank of Montreal Can bought a new stake in shares of Qutoutiao in the second quarter worth about $59,000. Finally, Matthews International Capital Management LLC bought a new stake in shares of Qutoutiao in the second quarter worth about $1,733,000. 0.35% of the stock is currently owned by institutional investors.
About Qutoutiao (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.
Further Reading: Return On Assets
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