Meituan (OTCMKTS:MPNGF) Stock Price Down 3.7% – Here’s Why

Shares of Meituan (OTCMKTS:MPNGF) dropped 3.7% on Monday . The stock traded as low as $9.6255 and last traded at $9.6255. Approximately 245 shares traded hands during trading, a decline of 98% from the average daily volume of 11,939 shares. The stock had previously closed at $10.00.

Analyst Ratings Changes

Separately, Citigroup upgraded Meituan to a “buy” rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Meituan presently has a consensus rating of “Hold” and a consensus price target of $10.00.

Meituan Trading Down 3.7%

The firm has a 50-day moving average of $10.51 and a two-hundred day moving average of $11.37.

About Meituan

Meituan is a leading Chinese technology-driven platform that facilitates on-demand delivery and local services through its mobile application and website. The company offers a wide range of services, including food delivery, in-store dining, grocery and fresh produce delivery, ride sharing, and hotel and travel bookings. Leveraging an extensive network of local merchants and service providers, Meituan connects millions of users with convenient, real-time access to everyday services and experiences across urban and suburban communities in Mainland China.

Founded in June 2010 by serial internet entrepreneur Wang Xing, Meituan originally launched as a group-buying platform before expanding its offerings to encompass multiple verticals in the online-to-offline (O2O) economy.