Short Interest in The9 Limited (NASDAQ:NCTY) Increases By 42.2%

The9 Limited (NASDAQ:NCTY) saw a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 190,600 shares, a growth of 42.2% from the January 15th total of 134,000 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average trading volume of 161,600 shares, the short-interest ratio is currently 1.2 days.

Analysts Set New Price Targets

Separately, StockNews.com lowered The9 from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st.

The9 Stock Performance

NASDAQ:NCTY traded down $0.51 during trading hours on Friday, reaching $15.10. 89,150 shares of the company were exchanged, compared to its average volume of 87,420. The stock has a 50 day simple moving average of $15.85 and a 200 day simple moving average of $11.05. The9 has a 52-week low of $4.60 and a 52-week high of $20.59.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Marshall Wace LLP purchased a new stake in The9 during the fourth quarter valued at about $823,000. Independent Advisor Alliance grew its holdings in shares of The9 by 17.5% during the 3rd quarter. Independent Advisor Alliance now owns 16,232 shares of the technology company’s stock worth $110,000 after purchasing an additional 2,422 shares during the period. Jump Financial LLC purchased a new stake in shares of The9 during the 4th quarter worth about $230,000. Finally, Headlands Technologies LLC acquired a new stake in The9 during the 4th quarter worth approximately $67,000. 0.54% of the stock is owned by hedge funds and other institutional investors.

About The9

The9 Limited operates as a cryptocurrency mining business in China, Eastern Europe, Asia, and North America. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was incorporated in 1999 and is headquartered in Shanghai, the People’s Republic of China.