Ninetowns Internet Technlgy Grp (NASDAQ:NINE) Cut to “Market Perform” at Wells Fargo & Co

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) was downgraded by research analysts at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, The Fly reports.

A number of other equities analysts have also weighed in on the company. Zacks Investment Research lowered Ninetowns Internet Technlgy Grp from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 16th. AltaCorp Capital reissued a “sector perform” rating on shares of Ninetowns Internet Technlgy Grp in a research report on Thursday, June 20th. Bank of America lowered Ninetowns Internet Technlgy Grp from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 28th. Raymond James decreased 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 research report on Tuesday, August 13th. Finally, Citigroup decreased their target price on Ninetowns Internet Technlgy Grp from $18.00 to $10.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Ninetowns Internet Technlgy Grp currently has a consensus rating of “Buy” and an average target price of $24.97.

Shares of NASDAQ:NINE opened at $6.78 on Thursday. Ninetowns Internet Technlgy Grp has a fifty-two week low of $4.85 and a fifty-two week high of $40.39. The business has a 50-day simple moving average of $8.52 and a two-hundred day simple moving average of $17.14.

Institutional investors have recently added to or reduced their stakes in the business. Pearl River Capital LLC bought a new stake in shares of Ninetowns Internet Technlgy Grp during the 4th quarter valued at about $25,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ninetowns Internet Technlgy Grp by 107.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,417 shares of the company’s stock valued at $32,000 after purchasing an additional 734 shares during the period. PNC Financial Services Group Inc. bought a new stake in shares of Ninetowns Internet Technlgy Grp during the 1st quarter valued at about $35,000. Great West Life Assurance Co. Can bought a new stake in shares of Ninetowns Internet Technlgy Grp during the 4th quarter valued at about $39,000. Finally, Legal & General Group Plc grew its stake in shares of Ninetowns Internet Technlgy Grp by 94.8% during the 3rd quarter. Legal & General Group Plc now owns 2,221 shares of the company’s stock valued at $68,000 after purchasing an additional 1,081 shares during the period.

Ninetowns Internet Technlgy Grp Company Profile

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.

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