Citigroup Inc. Purchases 468,072 Shares of Weibo Co. (NASDAQ:WB)

Citigroup Inc. boosted its holdings in Weibo Co. (NASDAQ:WB - Free Report) by 347.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 602,853 shares of the information services provider's stock after purchasing an additional 468,072 shares during the quarter. Citigroup Inc. owned about 0.26% of Weibo worth $6,077,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Krane Funds Advisors LLC boosted its position in shares of Weibo by 17.4% during the second quarter. Krane Funds Advisors LLC now owns 3,803,752 shares of the information services provider's stock valued at $29,213,000 after buying an additional 564,068 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Weibo by 204.5% during the 2nd quarter. Acadian Asset Management LLC now owns 2,433,509 shares of the information services provider's stock valued at $18,678,000 after acquiring an additional 1,634,230 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Weibo by 64.1% in the second quarter. Canada Pension Plan Investment Board now owns 1,309,385 shares of the information services provider's stock worth $10,056,000 after purchasing an additional 511,248 shares in the last quarter. Millennium Management LLC raised its position in shares of Weibo by 56.1% during the 2nd quarter. Millennium Management LLC now owns 726,940 shares of the information services provider's stock valued at $5,583,000 after purchasing an additional 261,180 shares during the period. Finally, Polunin Capital Partners Ltd bought a new stake in Weibo during the third quarter valued at about $5,064,000. Hedge funds and other institutional investors own 68.77% of the company's stock.

Weibo Trading Up 1.7 %

Shares of WB stock traded up $0.16 during trading hours on Monday, reaching $9.76. 1,250,936 shares of the stock were exchanged, compared to its average volume of 2,011,456. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 6.68 and a beta of 0.27. Weibo Co. has a 12-month low of $7.03 and a 12-month high of $12.40. The company's 50-day moving average price is $9.37 and its 200-day moving average price is $8.48. The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 0.51.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. StockNews.com downgraded shares of Weibo from a "buy" rating to a "hold" rating in a report on Friday, November 8th. Nomura Securities raised shares of Weibo to a "hold" rating in a report on Monday, August 26th. Citigroup lifted their target price on Weibo from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Monday, September 30th. Benchmark reissued a "hold" rating on shares of Weibo in a research note on Wednesday, November 20th. Finally, Morgan Stanley dropped their price objective on shares of Weibo from $8.00 to $7.50 and set an "underweight" rating for the company in a research note on Friday, August 23rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Weibo currently has a consensus rating of "Hold" and an average price target of $10.23.

Weibo Company Profile

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People's Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.