Renren Inc. (RENN) Raised to “Buy” at BidaskClub
Renren Inc. (NYSE:RENN) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a report released on Friday.
Separately, ValuEngine upgraded Renren from a “sell” rating to a “hold” rating in a report on Friday, September 1st.
Renren (NYSE RENN) traded up 2.46% on Friday, reaching $9.57. The company’s stock had a trading volume of 197,720 shares. Renren has a 12 month low of $1.55 and a 12 month high of $9.60. The company’s market cap is $655.74 million. The stock’s 50 day moving average price is $8.59 and its 200 day moving average price is $7.33.
A number of institutional investors have recently modified their holdings of RENN. Newman Dignan & Sheerar Inc. acquired a new stake in Renren during the 3rd quarter worth about $111,000. Northern Trust Corp boosted its position in shares of Renren by 48.5% during the 2nd quarter. Northern Trust Corp now owns 29,146 shares of the technology company’s stock worth $177,000 after purchasing an additional 9,523 shares in the last quarter. Nomura Holdings Inc. bought a new position in shares of Renren during the 2nd quarter worth about $187,000. KCG Holdings Inc. bought a new position in shares of Renren during the 1st quarter worth about $187,000. Finally, Global X Management Co. LLC boosted its position in shares of Renren by 249.0% during the 2nd quarter. Global X Management Co. LLC now owns 48,399 shares of the technology company’s stock worth $295,000 after purchasing an additional 34,531 shares in the last quarter. Hedge funds and other institutional investors own 2.64% of the company’s stock.
Renren Inc operates a real name social networking Internet platform in China. The Company enables users to connect and communicate with each other, share photos, and various features and services. The Company is developing Internet finance business to leverage its social networking services and user base in China, particularly focusing on the audience of college students and young people in China.
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