Renaissance Technologies LLC Reduces Stock Holdings in Weibo Co. (NASDAQ:WB)

Renaissance Technologies LLC reduced its holdings in Weibo Co. (NASDAQ:WB) by 72.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 108,600 shares of the information services provider’s stock after selling 287,552 shares during the period. Renaissance Technologies LLC’s holdings in Weibo were worth $834,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Edmond DE Rothschild Holding S.A. boosted its stake in Weibo by 4.7% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 134,393 shares of the information services provider’s stock worth $1,222,000 after buying an additional 6,000 shares during the period. SG Americas Securities LLC lifted its stake in Weibo by 21.5% in the second quarter. SG Americas Securities LLC now owns 51,661 shares of the information services provider’s stock worth $397,000 after acquiring an additional 9,143 shares during the last quarter. Deltec Asset Management LLC purchased a new position in Weibo in the second quarter worth approximately $82,000. Bayesian Capital Management LP purchased a new position in Weibo in the first quarter worth approximately $123,000. Finally, XY Capital Ltd purchased a new position in Weibo in the first quarter worth approximately $140,000. 68.77% of the stock is owned by hedge funds and other institutional investors.

Weibo Trading Up 0.5 %

WB stock opened at $11.71 on Tuesday. The business has a fifty day moving average price of $8.14 and a 200 day moving average price of $8.42. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 1.89 and a beta of 0.23. Weibo Co. has a fifty-two week low of $7.03 and a fifty-two week high of $13.54. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.34 and a quick ratio of 2.34.

Weibo (NASDAQ:WB) last posted its quarterly earnings data on Thursday, August 22nd. The information services provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.10. Weibo had a return on equity of 11.01% and a net margin of 18.52%. The company had revenue of $437.90 million during the quarter, compared to analysts’ expectations of $437.97 million. During the same period in the prior year, the firm earned $0.42 earnings per share. Weibo’s revenue for the quarter was down .5% compared to the same quarter last year. Analysts expect that Weibo Co. will post 1.48 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have commented on WB. Morgan Stanley dropped their price objective on shares of Weibo from $8.00 to $7.50 and set an “underweight” rating on the stock in a research note on Friday, August 23rd. Citigroup increased their price objective on Weibo from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Finally, Nomura Securities upgraded Weibo to a “hold” rating in a report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.23.

Weibo Company Profile

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, distribute, and discover content in the People's Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.