Ninetowns Internet Technlgy Grp (NASDAQ:NINE) Research Coverage Started at Bank of America

Bank of America started coverage on shares of Ninetowns Internet Technlgy Grp (NASDAQ:NINE) in a report issued on Wednesday, October 17th, Marketbeat.com reports. The firm issued a buy rating on the stock.

Several other analysts have also issued reports on NINE. Zacks Investment Research lowered shares of Ninetowns Internet Technlgy Grp from a hold rating to a strong sell rating in a research report on Wednesday, July 18th. Credit Suisse Group reduced their price objective on shares of Ninetowns Internet Technlgy Grp from $36.00 to $34.00 and set an outperform rating for the company in a report on Tuesday, August 14th. Piper Jaffray Companies set a $40.00 price objective on shares of Ninetowns Internet Technlgy Grp and gave the stock a buy rating in a report on Friday, August 17th. Wells Fargo & Co reaffirmed a positive rating and set a $45.00 price objective on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, October 16th. Finally, Raymond James raised their price objective on shares of Ninetowns Internet Technlgy Grp from $39.00 to $48.00 and gave the stock a strong-buy rating in a report on Tuesday, October 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Ninetowns Internet Technlgy Grp currently has a consensus rating of Buy and an average target price of $34.86.

NASDAQ:NINE traded down $0.13 during midday trading on Wednesday, reaching $35.16. The stock had a trading volume of 133,998 shares, compared to its average volume of 188,126. Ninetowns Internet Technlgy Grp has a 1-year low of $22.23 and a 1-year high of $40.39.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last posted its earnings results on Monday, August 13th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.17. The firm had revenue of $205.49 million during the quarter, compared to analyst estimates of $190.71 million.

In other news, insider Edward Bruce Morgan sold 20,500 shares of Ninetowns Internet Technlgy Grp stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $30.14, for a total transaction of $617,870.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Large investors have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in Ninetowns Internet Technlgy Grp during the second quarter valued at approximately $862,000. Citadel Advisors LLC grew its holdings in Ninetowns Internet Technlgy Grp by 11.8% during the second quarter. Citadel Advisors LLC now owns 46,763 shares of the company’s stock valued at $1,549,000 after purchasing an additional 4,930 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Ninetowns Internet Technlgy Grp by 24.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 37,752 shares of the company’s stock valued at $1,251,000 after purchasing an additional 7,416 shares during the period. Wells Fargo & Company MN acquired a new position in Ninetowns Internet Technlgy Grp during the first quarter valued at approximately $277,000. Finally, Legal & General Group Plc acquired a new position in Ninetowns Internet Technlgy Grp during the first quarter valued at approximately $644,000.

About Ninetowns Internet Technlgy Grp

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.

Read More: What Factors Can Affect Return on Equity?

Analyst Recommendations for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

Receive News & Ratings for Ninetowns Internet Technlgy Grp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ninetowns Internet Technlgy Grp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply