Recon Technology (NASDAQ:RCON) Shares Cross Below 200 Day Moving Average – Here’s Why

Recon Technology, Ltd. (NASDAQ:RCON) shares crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $2.35 and traded as low as $2.20. Recon Technology shares last traded at $2.39, with a volume of 17,932 shares traded.

Wall Street Analyst Weigh In

Separately, StockNews.com initiated coverage on shares of Recon Technology in a report on Wednesday. They set a “sell” rating for the company.

Recon Technology Stock Up 7.7 %

The company’s fifty day moving average is $2.27 and its 200 day moving average is $2.35. The company has a current ratio of 10.67, a quick ratio of 10.64 and a debt-to-equity ratio of 0.02.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Recon Technology stock. Belvedere Trading LLC bought a new position in shares of Recon Technology, Ltd. (NASDAQ:RCON) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,807 shares of the oil and gas company’s stock, valued at approximately $48,000. Belvedere Trading LLC owned about 0.21% of Recon Technology at the end of the most recent quarter. Institutional investors and hedge funds own 9.47% of the company’s stock.

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.