Borqs Technologies (NASDAQ:BRQS) Shares Down 8.8%

Borqs Technologies Inc (NASDAQ:BRQS) traded down 8.8% during trading on Wednesday . The company traded as low as $2.50 and last traded at $2.50, 1,619 shares traded hands during mid-day trading. An increase of 153% from the average session volume of 640 shares. The stock had previously closed at $2.74.

A number of research analysts recently commented on the stock. ValuEngine downgraded shares of Borqs Technologies from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. TheStreet downgraded shares of Borqs Technologies from a “c-” rating to a “d” rating in a research report on Thursday, April 25th.

The firm’s 50-day simple moving average is $2.71.

A hedge fund recently raised its stake in Borqs Technologies stock. Intel Corp grew its stake in Borqs Technologies Inc (NASDAQ:BRQS) by 5.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,016,696 shares of the company’s stock after purchasing an additional 217,524 shares during the quarter. Borqs Technologies makes up about 5.8% of Intel Corp’s holdings, making the stock its 3rd largest position. Intel Corp owned approximately 12.48% of Borqs Technologies worth $19,200,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors own 24.88% of the company’s stock.

About Borqs Technologies (NASDAQ:BRQS)

Borqs Technologies, Inc, through its subsidiaries, provides development services, software solutions, and products for Android-based smart connected devices in China, India, the United States, and internationally. It operates through two segments, Mobile Virtual Network Operator Services and Connected Solutions.

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