The9 (NASDAQ:NCTY) Raised to Hold at StockNews.com

StockNews.com upgraded shares of The9 (NASDAQ:NCTY) from a sell rating to a hold rating in a research report released on Wednesday.

The9 Price Performance

NASDAQ NCTY opened at $11.14 on Wednesday. The9 has a one year low of $4.03 and a one year high of $11.93. The company’s 50-day simple moving average is $7.91 and its two-hundred day simple moving average is $7.76.

Institutional Inflows and Outflows

An institutional investor recently raised its position in The9 stock. Independent Advisor Alliance boosted its stake in shares of The9 Limited (NASDAQ:NCTY) by 17.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,232 shares of the technology company’s stock after purchasing an additional 2,422 shares during the period. Independent Advisor Alliance owned approximately 0.18% of The9 worth $110,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 0.54% of the company’s stock.

The9 Company Profile

The9 Limited operates as a cryptocurrency mining business in China, Eastern Europe, Asia, and North America. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was incorporated in 1999 and is headquartered in Shanghai, the People’s Republic of China.