The9 (NASDAQ:NCTY) Rating Lowered to “Sell” at StockNews.com

StockNews.com lowered shares of The9 (NASDAQ:NCTY) from a hold rating to a sell rating in a research note released on Thursday morning.

The9 Stock Down 2.8 %

Shares of NASDAQ NCTY opened at $10.67 on Thursday. The9 has a 12-month low of $4.03 and a 12-month high of $11.93. The company has a 50-day moving average of $8.20 and a 200 day moving average of $7.84.

Hedge Funds Weigh In On The9

An institutional investor recently raised its position in The9 stock. Independent Advisor Alliance grew its stake in The9 Limited (NASDAQ:NCTY) by 17.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,232 shares of the technology company’s stock after acquiring an additional 2,422 shares during the quarter. Independent Advisor Alliance owned about 0.18% of The9 worth $110,000 as of its most recent SEC filing. 0.54% of the stock is owned by hedge funds and other institutional investors.

The9 Company Profile

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.