Recon Technology (NASDAQ:RCON) Shares Pass Below 200 Day Moving Average of $0.22

Recon Technology, Ltd. (NASDAQ:RCON) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $0.22 and traded as low as $0.13. Recon Technology shares last traded at $0.15, with a volume of 4,362,146 shares changing hands.

Analyst Upgrades and Downgrades

Separately, StockNews.com initiated coverage on Recon Technology in a research report on Thursday. They set a “sell” rating on the stock.

Recon Technology Trading Up 8.8 %

The business has a 50-day moving average price of $0.15 and a two-hundred day moving average price of $0.22.

Hedge Funds Weigh In On Recon Technology

Institutional investors have recently modified their holdings of the company. Jane Street Group LLC raised its position in shares of Recon Technology by 161.8% during the first quarter. Jane Street Group LLC now owns 43,931 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 27,151 shares during the period. Renaissance Technologies LLC raised its position in shares of Recon Technology by 846.8% during the first quarter. Renaissance Technologies LLC now owns 1,492,201 shares of the oil and gas company’s stock worth $511,000 after purchasing an additional 1,334,601 shares during the period. Finally, Sabby Management LLC acquired a new position in shares of Recon Technology during the first quarter worth approximately $1,353,000. 9.47% of the stock is owned by institutional investors and hedge funds.

About Recon Technology

Recon Technology, Ltd. provides hardware, software, and on-site services to companies in the petroleum mining and extraction industry in the People's Republic of China. The company offers equipment, tools, and other components and parts related to oilfield production and other energy industries; and develops and sells industrial automation control and information solutions.