Qutoutiao (QTT) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Qutoutiao (NASDAQ:QTT) from a hold rating to a sell rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Qutoutiao Inc. is a mobile content aggregator primarily in China. The Company believes that it represents a new generation of technology-driven content platforms and its technology brings relevant information and entertainment to users, stimulates users’ desire to read and ultimately improves the knowledge exchange in society. Qutoutiao Inc. is based in SHANGHAI, China. “

QTT has been the subject of a number of other reports. UBS Group cut shares of Qutoutiao from a buy rating to a neutral rating and set a $14.00 target price for the company. in a report on Friday, February 15th. Citigroup raised shares of Qutoutiao from a neutral rating to a buy rating and dropped their target price for the company from $16.00 to $14.00 in a report on Tuesday, April 16th. Finally, Deutsche Bank cut shares of Qutoutiao from a buy rating to a hold rating and set a $10.00 target price for the company. in a report on Wednesday, February 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $12.80.

Shares of NASDAQ:QTT opened at $5.62 on Wednesday. Qutoutiao has a 52 week low of $4.00 and a 52 week high of $20.39.

Qutoutiao (NASDAQ:QTT) last announced its quarterly earnings data on Tuesday, March 5th. The company reported ($0.23) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.21) by ($0.02). The company had revenue of $191.87 million for the quarter, compared to analysts’ expectations of $191.90 million. As a group, equities research analysts expect that Qutoutiao will post -1.03 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the business. FMR LLC purchased a new position in Qutoutiao in the fourth quarter valued at about $4,510,000. National Asset Management Inc. purchased a new position in Qutoutiao in the fourth quarter valued at about $66,000. BlackRock Inc. purchased a new position in Qutoutiao in the fourth quarter valued at about $399,000. Morgan Stanley increased its holdings in Qutoutiao by 164,514.0% in the first quarter. Morgan Stanley now owns 82,307 shares of the company’s stock valued at $953,000 after buying an additional 82,257 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in Qutoutiao in the first quarter valued at about $181,000. 0.30% of the stock is owned by institutional investors.

About Qutoutiao

Qutoutiao Inc operates mobile platforms for the distribution, consumption, and sharing of light entertainment content in the People's Republic of China. The company operates Qutoutiao, a mobile application that aggregates articles and short videos from professional media and freelancers and presents customized feeds to users; and Quduopai, a mobile application that allows users to create, upload, and view videos.

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