The9 Limited (NASDAQ:NCTY) Sees Large Growth in Short Interest

The9 Limited (NASDAQ:NCTY) was the recipient of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 190,600 shares, a growth of 42.2% from the January 15th total of 134,000 shares. Approximately 2.1% of the company’s shares are short sold. Based on an average daily volume of 161,600 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Investors Weigh In On The9

Large investors have recently added to or reduced their stakes in the business. Independent Advisor Alliance boosted its holdings in The9 by 17.5% in the third quarter. Independent Advisor Alliance now owns 16,232 shares of the technology company’s stock worth $110,000 after acquiring an additional 2,422 shares in the last quarter. Marshall Wace LLP bought a new position in The9 in the fourth quarter worth approximately $823,000. Jump Financial LLC bought a new position in The9 in the fourth quarter worth approximately $230,000. Finally, Headlands Technologies LLC bought a new position in The9 in the fourth quarter worth approximately $67,000. Institutional investors and hedge funds own 0.54% of the company’s stock.

The9 Trading Down 3.3 %

Shares of NCTY stock traded down $0.51 on Friday, hitting $15.10. The company had a trading volume of 89,150 shares, compared to its average volume of 87,420. The stock’s 50-day moving average is $15.85 and its two-hundred day moving average is $11.05. The9 has a twelve month low of $4.60 and a twelve month high of $20.59.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded The9 from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st.

About The9

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.