The9 (NASDAQ:NCTY) Downgraded by StockNews.com to “Sell”

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

The9 Price Performance

The9 stock opened at $10.67 on Thursday. The company’s fifty day moving average price is $8.20 and its 200 day moving average price is $7.84. The9 has a 1 year low of $4.03 and a 1 year high of $11.93.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in The9 stock. Independent Advisor Alliance grew its position in The9 Limited (NASDAQ:NCTY) by 17.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 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.