NetEase (NASDAQ:NTES) Shares Gap Down – Here’s What Happened
by Teresa Graham · The Cerbat GemNetEase, Inc. (NASDAQ:NTES – Get Free Report)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $116.82, but opened at $111.54. NetEase shares last traded at $111.2320, with a volume of 440,958 shares.
Analyst Ratings Changes
Several research firms recently weighed in on NTES. Benchmark reiterated a “buy” rating on shares of NetEase in a report on Thursday, February 12th. Morgan Stanley restated an “overweight” rating and set a $154.00 target price on shares of NetEase in a report on Monday, March 2nd. Citigroup restated a “buy” rating on shares of NetEase in a report on Wednesday, February 11th. Barclays dropped their target price on shares of NetEase from $135.00 to $132.00 and set an “equal weight” rating on the stock in a report on Thursday, February 12th. Finally, Nomura dropped their target price on shares of NetEase from $160.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, February 13th. Seven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $156.88.
Read Our Latest Stock Analysis on NTES
NetEase Trading Down 4.4%
The stock has a market cap of $70.75 billion, a P/E ratio of 15.22, a PEG ratio of 1.48 and a beta of 0.72. The stock’s fifty day moving average price is $114.59 and its 200 day moving average price is $126.44.
Hedge Funds Weigh In On NetEase
Hedge funds have recently bought and sold shares of the company. Cornerstone Planning Group LLC bought a new position in NetEase in the 3rd quarter worth about $33,000. V Square Quantitative Management LLC bought a new position in NetEase in the 1st quarter worth about $25,000. Atlas Capital Advisors Inc. bought a new position in NetEase in the 4th quarter worth about $47,000. Harbour Investments Inc. boosted its stake in NetEase by 7,480.0% in the 4th quarter. Harbour Investments Inc. now owns 379 shares of the technology company’s stock worth $52,000 after purchasing an additional 374 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in NetEase by 3,381.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 383 shares of the technology company’s stock worth $51,000 after purchasing an additional 372 shares in the last quarter. Institutional investors own 11.07% of the company’s stock.
About NetEase
NetEase, Inc (NASDAQ: NTES) is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company’s founder and long-time leader, guiding its expansion into games, digital content and consumer services.
The company’s primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.