Zacks Investment Research lowered shares of Sina Corporation (NASDAQ:SINA) from a hold rating to a sell rating in a research note issued to investors on Thursday morning.
According to Zacks, “SINA’s third-quarter results gained from strengthening Weibo segment and growing online payment business. However, uncertainty over advertising business and portal is preventing management from providing quarterly or yearly guidance. The company’s business is likely to be impacted by soft macroeconomic conditions in China. Increasing marketing spend on SINA news app and continuing investments in other verticals like Internet banking and insurance will weigh on margins. Additionally, competition within the online advertising business in China is fierce, which is a big threat. Nonetheless, growing popularity of Weibo and a robust mobile user base in China are positive for the company. SINA’s online payment business is also expected to boost non-Weibo revenues. Shares have outperformed the industry on a year-to-date basis.”
A number of other brokerages have also recently issued reports on SINA. Jefferies Group LLC reiterated a buy rating and set a $122.00 target price on shares of Sina Corporation in a report on Friday, July 14th. Bank of America Corporation reiterated a buy rating and set a $119.00 target price (up previously from $112.00) on shares of Sina Corporation in a report on Thursday, August 10th. Benchmark Co. boosted their target price on Sina Corporation from $142.00 to $157.00 and gave the stock a buy rating in a report on Wednesday. Citigroup Inc. boosted their target price on Sina Corporation to $140.00 and gave the stock a buy rating in a report on Thursday, August 10th. Finally, BidaskClub upgraded Sina Corporation from a buy rating to a strong-buy rating in a report on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $109.96.
Shares of Sina Corporation (NASDAQ:SINA) traded down $0.95 during trading hours on Thursday, hitting $105.84. The stock had a trading volume of 706,400 shares, compared to its average volume of 1,209,666. The company has a quick ratio of 2.69, a current ratio of 2.68 and a debt-to-equity ratio of 0.04. Sina Corporation has a 1-year low of $60.46 and a 1-year high of $119.20. The stock has a market cap of $7,569.15, a PE ratio of 72.49 and a beta of 1.03.
Sina Corporation (NASDAQ:SINA) last issued its earnings results on Tuesday, November 7th. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.26. Sina Corporation had a return on equity of 3.36% and a net margin of 9.41%. The business had revenue of $440.50 million during the quarter, compared to analysts’ expectations of $404.71 million. During the same quarter in the previous year, the business earned $0.56 EPS. The company’s revenue for the quarter was up 60.2% on a year-over-year basis. research analysts expect that Sina Corporation will post 2.26 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Platinum Investment Management Ltd. lifted its position in Sina Corporation by 14.9% during the 2nd quarter. Platinum Investment Management Ltd. now owns 3,348,101 shares of the technology company’s stock worth $284,488,000 after acquiring an additional 435,220 shares in the last quarter. BlackRock Inc. lifted its position in Sina Corporation by 1,354.9% during the 1st quarter. BlackRock Inc. now owns 2,502,738 shares of the technology company’s stock worth $180,498,000 after acquiring an additional 2,702,176 shares in the last quarter. Wells Fargo & Company MN lifted its position in Sina Corporation by 0.4% during the 3rd quarter. Wells Fargo & Company MN now owns 2,334,225 shares of the technology company’s stock worth $267,620,000 after acquiring an additional 8,384 shares in the last quarter. Koch Industries Inc. acquired a new position in Sina Corporation during the 2nd quarter worth approximately $1,385,000. Finally, State Street Corp lifted its position in Sina Corporation by 3.3% during the 1st quarter. State Street Corp now owns 828,359 shares of the technology company’s stock worth $59,738,000 after acquiring an additional 26,710 shares in the last quarter. 67.13% of the stock is currently owned by hedge funds and other institutional investors.
Sina Corporation Company Profile
Sina Corporation is an online media company serving China and the global Chinese communities. The Company’s digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile applications) and Weibo (social media) enables Internet users to access professional media and user generated content (UGCs) in multi-media formats from personal computers and mobile devices, and share their interests with friends and acquaintances.
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