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

The9 Limited (NASDAQ:NCTY) was the target of a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 125,000 shares, an increase of 249.2% from the November 30th total of 35,800 shares. Approximately 1.5% of the company’s shares are sold short. Based on an average daily trading volume, of 143,200 shares, the days-to-cover ratio is currently 0.9 days.

Institutional Investors Weigh In On The9

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

The9 Trading Up 6.9 %

Shares of NASDAQ NCTY traded up $1.05 during trading on Thursday, reaching $16.30. The company had a trading volume of 100,537 shares, compared to its average volume of 67,315. The company’s fifty day moving average price is $12.15 and its 200-day moving average price is $9.17. The9 has a 12 month low of $4.03 and a 12 month high of $20.59.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of 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.