Sina Corp. (NASDAQ:SINA) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “SINA Corp. posted third-quarter 2016 results wherein non-GAAP earnings of $0.56 per share and net revenue of $274.9 million grew 43.6% and 21.5% year over year, respectively. The upside was driven by a 21% rise in advertising revenues, primarily due to continued strength in Weibo offerings. The company is taking a number of initiatives to further increase monetization on Weibo. It has already initiated live video streaming on the platform, which is expected to be an important growth factor as mobile users in China are on the rise. Recently, to unlock more value for SINA shareholders, the company announced that it will give away its Weibo stock on a pro rata basis. Apart from Weibo, other key growth drivers include a strong product pipeline and a robust user base for its e-commerce offerings. However, the company’s business is likely to be impacted by soft macroeconomic conditions in the region.”
Several other analysts have also issued reports on the company. Jefferies Group reissued a “buy” rating and set a $95.00 target price on shares of Sina Corp. in a report on Friday, September 30th. Citigroup Inc. initiated coverage on Sina Corp. in a research report on Friday, August 5th. They set a “buy” rating and a $69.00 price objective for the company. JPMorgan Chase & Co. restated an “overweight” rating on shares of Sina Corp. in a research report on Wednesday, August 31st. TheStreet upgraded Sina Corp. to a “buy” rating in a research report on Friday, August 19th. Finally, Brean Capital restated a “buy” rating on shares of Sina Corp. in a research report on Tuesday, August 16th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $61.37.
Sina Corp. (NASDAQ:SINA) traded up 2.58% during trading on Monday, hitting $79.48. The stock had a trading volume of 1,866,803 shares. The company has a market cap of $5.60 billion, a price-to-earnings ratio of 27.18 and a beta of 1.40. Sina Corp. has a 52 week low of $39.58 and a 52 week high of $85.24. The company has a 50-day moving average of $73.29 and a 200 day moving average of $64.02.
Sina Corp. (NASDAQ:SINA) last released its earnings results on Monday, November 21st. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.21. The company had revenue of $272.30 million for the quarter, compared to analyst estimates of $265.30 million. Sina Corp. had a return on equity of 5.05% and a net margin of 22.57%. Sina Corp.’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. On average, equities research analysts anticipate that Sina Corp. will post $1.21 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. Ariose Capital Management Ltd bought a new position in shares of Sina Corp. during the second quarter worth about $17,320,000. Schroder Investment Management Group increased its position in shares of Sina Corp. by 159.0% in the second quarter. Schroder Investment Management Group now owns 4,013,943 shares of the company’s stock worth $208,203,000 after buying an additional 2,464,232 shares during the period. Quantbot Technologies LP increased its position in shares of Sina Corp. by 2,485.0% in the third quarter. Quantbot Technologies LP now owns 6,721 shares of the company’s stock worth $496,000 after buying an additional 6,461 shares during the period. SG Americas Securities LLC increased its position in shares of Sina Corp. by 16.3% in the second quarter. SG Americas Securities LLC now owns 43,112 shares of the company’s stock worth $2,236,000 after buying an additional 6,027 shares during the period. Finally, NINE MASTS CAPITAL Ltd bought a new position in shares of Sina Corp. during the second quarter worth about $3,783,000. Hedge funds and other institutional investors own 60.52% of the company’s stock.
Sina Corp. 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.