Wells Fargo & Co Reiterates Outperform Rating for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

Ninetowns Internet Technlgy Grp (NASDAQ:NINE)‘s stock had its “outperform” rating restated by equities research analysts at Wells Fargo & Co in a research report issued on Tuesday, The Fly reports. They presently have a $14.00 price target on the stock, down from their prior price target of $25.00. Wells Fargo & Co‘s price target points to a potential upside of 67.66% from the stock’s current price.

A number of other brokerages have also recently issued reports on NINE. Bank of America reiterated a “buy” rating and issued a $21.00 price objective (down from $27.00) on shares of Ninetowns Internet Technlgy Grp in a report on Tuesday, June 25th. Zacks Investment Research cut shares of Ninetowns Internet Technlgy Grp from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 16th. Finally, AltaCorp Capital restated a “sector perform” rating on shares of Ninetowns Internet Technlgy Grp in a report on Thursday, June 20th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $27.53.

Shares of NASDAQ:NINE opened at $8.35 on Tuesday. Ninetowns Internet Technlgy Grp has a 1 year low of $8.12 and a 1 year high of $40.39. The stock has a fifty day simple moving average of $13.59.

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. bought a new stake in Ninetowns Internet Technlgy Grp during the first quarter valued at about $35,000. Aperio Group LLC bought a new stake in shares of Ninetowns Internet Technlgy Grp in the second quarter valued at about $45,000. Legal & General Group Plc lifted its stake in shares of Ninetowns Internet Technlgy Grp by 18.8% in the fourth quarter. Legal & General Group Plc now owns 2,639 shares of the company’s stock valued at $59,000 after buying an additional 418 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of Ninetowns Internet Technlgy Grp by 310.5% in the first quarter. BNP Paribas Arbitrage SA now owns 3,124 shares of the company’s stock valued at $71,000 after buying an additional 2,363 shares during the period. Finally, Metropolitan Life Insurance Co. NY lifted its stake in shares of Ninetowns Internet Technlgy Grp by 356.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,217 shares of the company’s stock valued at $118,000 after buying an additional 4,074 shares during the period.

Ninetowns Internet Technlgy Grp Company Profile

Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.

Featured Story: Trading Options- What is a Strangle?

The Fly

Analyst Recommendations for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

Receive News & Ratings for Ninetowns Internet Technlgy Grp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ninetowns Internet Technlgy Grp and related companies with MarketBeat.com's FREE daily email newsletter.