Morgan Stanley Sells 667,591 Shares of SINA Corp (NASDAQ:SINA)

Morgan Stanley reduced its position in SINA Corp (NASDAQ:SINA) by 51.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 624,539 shares of the technology company’s stock after selling 667,591 shares during the quarter. Morgan Stanley owned 0.91% of SINA worth $19,886,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new position in shares of SINA during the first quarter valued at approximately $51,000. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of SINA by 19.6% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 2,893 shares of the technology company’s stock worth $116,000 after acquiring an additional 474 shares during the last quarter. AlphaCrest Capital Management LLC bought a new stake in shares of SINA during the 4th quarter worth approximately $278,000. Shell Asset Management Co. boosted its holdings in SINA by 57.6% during the 1st quarter. Shell Asset Management Co. now owns 7,116 shares of the technology company’s stock valued at $227,000 after acquiring an additional 2,600 shares during the period. Finally, Magnetar Financial LLC bought a new position in SINA in the 4th quarter valued at $287,000. 58.82% of the stock is owned by institutional investors and hedge funds.

Shares of SINA stock opened at $35.91 on Wednesday. The firm has a market cap of $2.44 billion, a price-to-earnings ratio of -115.84 and a beta of 1.05. SINA Corp has a 52-week low of $26.04 and a 52-week high of $46.85. The company has a quick ratio of 2.62, a current ratio of 2.62 and a debt-to-equity ratio of 0.45. The company’s 50 day moving average is $33.67 and its 200 day moving average is $35.54.

SINA (NASDAQ:SINA) last announced its earnings results on Tuesday, May 19th. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.18. The business had revenue of $435.10 million for the quarter, compared to analysts’ expectations of $382.28 million. SINA had a negative return on equity of 0.54% and a negative net margin of 1.00%. The business’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.40 EPS. Analysts anticipate that SINA Corp will post -0.83 EPS for the current fiscal year.

SINA has been the subject of a number of recent analyst reports. TheStreet lowered shares of SINA from a “c” rating to a “d+” rating in a research note on Tuesday, March 3rd. ValuEngine upgraded shares of SINA from a “hold” rating to a “buy” rating in a research note on Tuesday, March 17th. Zacks Investment Research raised shares of SINA from a “sell” rating to a “hold” rating and set a $29.00 target price on the stock in a research report on Monday, April 20th. BidaskClub upgraded SINA from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Finally, Bank of America reduced their price objective on SINA from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $53.00.

About SINA

SINA Corporation, through its subsidiaries, operates as an online media company in the People's Republic of China. It operates, an online brand advertising portal that provides region-focused format and content, including multimedia news; business news coverage and personal finance columns; sporting events news; automobile-related news; entertainment news and events; technology updates; interactive video products, such as news, sports, and entertainment; and education, digital, fashion, luxury, health, collectibles, travel, and other interest-based channels.

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Institutional Ownership by Quarter for SINA (NASDAQ:SINA)

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