Chao Charles Guowei
revealed that they own 12.9% of Sina Corporation (NASDAQ:SINA) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Friday, June 16th. The investor owns 9,238,956 shares of the stock valued at approximately $793,718,710. The reporting parties listed on the disclosure included Charles Chao and New Wave MMXV Limited. The filing is available through EDGAR at this link.
Chao Charles Guowei
provided the following explanation of their ownership:
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Several other hedge funds and other institutional investors have also modified their holdings of the company. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Sina Corporation during the first quarter valued at approximately $216,000. Bank of Nova Scotia increased its position in shares of Sina Corporation by 30.1% in the first quarter. Bank of Nova Scotia now owns 400,000 shares of the technology company’s stock valued at $28,847,000 after buying an additional 92,600 shares in the last quarter. FNY Partners Fund LP acquired a new position in shares of Sina Corporation during the first quarter valued at approximately $230,000. Platinum Investment Management Ltd. increased its position in shares of Sina Corporation by 27.8% in the first quarter. Platinum Investment Management Ltd. now owns 2,912,881 shares of the technology company’s stock valued at $210,076,000 after buying an additional 632,879 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in shares of Sina Corporation during the first quarter valued at approximately $12,601,000. Institutional investors own 65.95% of the company’s stock.
Shares of Sina Corporation (NASDAQ:SINA) traded down 0.44% during trading on Friday, reaching $85.91. The company’s stock had a trading volume of 996,196 shares. Sina Corporation has a 52-week low of $48.09 and a 52-week high of $105.99. The stock has a market cap of $6.10 billion, a P/E ratio of 26.24 and a beta of 1.15. The stock has a 50-day moving average of $89.97 and a 200-day moving average of $75.25.
Sina Corporation (NASDAQ:SINA) last announced its quarterly earnings data on Tuesday, May 16th. The technology company reported $0.50 earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.78. Sina Corporation had a return on equity of 6.19% and a net margin of 22.36%. The business had revenue of $278.10 million during the quarter, compared to analyst estimates of $267.14 million. During the same period in the prior year, the company earned ($0.04) earnings per share. Sina Corporation’s revenue was up 40.0% compared to the same quarter last year. Analysts predict that Sina Corporation will post $2.68 earnings per share for the current fiscal year.
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Several analysts recently weighed in on the company. Jefferies Group LLC reissued a “buy” rating and set a $122.00 price target on shares of Sina Corporation in a report on Tuesday, May 30th. Stifel Nicolaus reissued a “hold” rating and set a $92.00 price target (up from $74.00) on shares of Sina Corporation in a report on Wednesday, May 17th. T.H. Capital lifted their price target on Sina Corporation from $62.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, May 12th. Benchmark Co. assumed coverage on Sina Corporation in a report on Tuesday, April 18th. They set a “buy” rating and a $110.00 price target for the company. Finally, Zacks Investment Research cut Sina Corporation from a “buy” rating to a “hold” rating in a report on Thursday, March 16th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $90.71.
Sina Corporation Company Profile
Sina Corporation is an online media company serving China and the global Chinese communities. The Company’s digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile applications) and Weibo (social media) enables Internet users to access professional media and user generated content (UGCs) in multi-media formats from personal computers and mobile devices, and share their interests with friends and acquaintances.
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