Renren (NYSE:RENN) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of Renren (NYSE:RENN – Get Rating) in a report issued on Thursday morning. The firm issued a hold rating on the technology company’s stock.

Renren Trading Down 10.3 %

Shares of RENN stock opened at $1.30 on Thursday. The business’s 50 day simple moving average is $1.83 and its 200 day simple moving average is $18.46. Renren has a one year low of $1.29 and a one year high of $33.91.

Renren (NYSE:RENN – Get Rating) last announced its earnings results on Wednesday, December 21st. The technology company reported ($0.06) EPS for the quarter. The company had revenue of $12.00 million during the quarter.

Hedge Funds Weigh In On Renren

A number of institutional investors and hedge funds have recently modified their holdings of RENN. Two Seas Capital LP raised its position in shares of Renren by 23.3% during the second quarter. Two Seas Capital LP now owns 397,655 shares of the technology company’s stock worth $11,500,000 after purchasing an additional 75,184 shares during the period. US Bancorp DE raised its position in shares of Renren by 1,401.2% during the third quarter. US Bancorp DE now owns 2,477 shares of the technology company’s stock worth $73,000 after purchasing an additional 2,312 shares during the period. Deep Field Asset Management LLC raised its position in shares of Renren by 73.1% during the second quarter. Deep Field Asset Management LLC now owns 95,229 shares of the technology company’s stock worth $2,754,000 after purchasing an additional 40,229 shares during the period. Iszo Capital Management LP acquired a new position in shares of Renren during the second quarter worth approximately $4,238,000. Finally, Squarepoint Ops LLC acquired a new position in shares of Renren during the fourth quarter worth approximately $74,000. 21.71% of the stock is currently owned by institutional investors.

Renren Company Profile

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Renren, Inc engages in the Software as a Service (SaaS) business, which includes all-in-one real estate solution provider and a large community for the trucking industry in the United States. The company was founded by Chen Yi Zhou in November 2002 and is headquartered in Beijing, China.