Citigroup Trims Ninetowns Internet Technlgy Grp (NASDAQ:NINE) Target Price to $18.00

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) had its price target trimmed by Citigroup from $26.00 to $18.00 in a research report sent to investors on Wednesday, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the stock.

NINE has been the subject of several other reports. Zacks Investment Research lowered Ninetowns Internet Technlgy Grp from a hold rating to a strong sell rating in a report on Tuesday, July 16th. Wells Fargo & Co reaffirmed an outperform rating and issued a $14.00 target price (down from $25.00) on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, August 13th. AltaCorp Capital reaffirmed a sector perform rating on shares of Ninetowns Internet Technlgy Grp in a report on Thursday, June 20th. Bank of America reaffirmed a buy rating and issued a $21.00 target price (down from $27.00) on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, June 25th. Finally, Raymond James reduced their target price on Ninetowns Internet Technlgy Grp from $28.00 to $15.00 and set a strong-buy rating for the company in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Ninetowns Internet Technlgy Grp has an average rating of Buy and an average price target of $25.97.

NINE stock opened at $7.75 on Wednesday. The business has a 50 day moving average of $13.23 and a 200-day moving average of $19.47. Ninetowns Internet Technlgy Grp has a 12-month low of $7.45 and a 12-month high of $40.39.

Hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP raised its position in shares of Ninetowns Internet Technlgy Grp by 203.0% during the 2nd quarter. Marshall Wace LLP now owns 102,062 shares of the company’s stock valued at $1,769,000 after buying an additional 68,380 shares in the last quarter. Bank of America Corp DE raised its position in shares of Ninetowns Internet Technlgy Grp by 221.9% during the 2nd quarter. Bank of America Corp DE now owns 80,557 shares of the company’s stock valued at $1,395,000 after buying an additional 55,533 shares in the last quarter. Balyasny Asset Management LLC purchased a new stake in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at about $3,911,000. Vanguard Group Inc. raised its position in shares of Ninetowns Internet Technlgy Grp by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 690,567 shares of the company’s stock valued at $11,968,000 after buying an additional 13,688 shares in the last quarter. Finally, A.R.T. Advisors LLC purchased a new stake in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at about $196,000.

About Ninetowns Internet Technlgy Grp

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: Growth and Income Funds

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

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