The9 Limited (NASDAQ:NCTY) Sees Significant Growth in Short Interest

The9 Limited (NASDAQ:NCTY) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 334,804 shares, an increase of 187.7% from the August 15th total of 116,368 shares. Based on an average daily volume of 361,854 shares, the short-interest ratio is presently 0.9 days. Currently, 3.2% of the shares of the company are sold short.

The9 Stock Down 9.1%

Shares of The9 stock traded down $0.38 during mid-day trading on Monday, hitting $3.80. The stock had a trading volume of 145,534 shares, compared to its average volume of 316,673. The firm has a 50-day moving average of $4.42 and a two-hundred day moving average of $5.06. The firm has a market cap of $57.87 million, a P/E ratio of 0.63 and a beta of 2.09. The9 has a 12-month low of $3.14 and a 12-month high of $11.60.

The9 (NASDAQ:NCTY) last posted its earnings results on Monday, July 27th. The technology company reported $2.18 EPS for the quarter. The business had revenue of $1.86 million during the quarter.

Wall Street Analysts Forecast Growth

NCTY has been the subject of several recent research reports. Wall Street Zen upgraded The9 to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of The9 in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

The9 Company Profile

The9 Limited is a Shanghai-based digital entertainment company specializing in the development, publishing and operation of online and mobile games. Since its founding in 1999, the company has built a portfolio of multiplayer titles that combine in-house development capabilities with strategic licensing agreements. The9’s offerings span PC and mobile platforms, and its products include fantasy, role-playing and casual games tailored primarily to the mainland China market.

Historically, The9 gained prominence through a landmark partnership with an international game developer, securing exclusive rights to operate the popular World of Warcraft franchise in China from 2004 to 2009.