The9 Limited [NCTY] Stock trading around $53.79 per share: What’s Next?

The9 Limited [NASDAQ: NCTY] stock went on a downward path that fall over -34.06% on Tuesday, amounting to a one-week price decrease of less than -4.80%. The company report on February 22, 2021 that The9 Signed Legally Binding Memorandum of Understanding on the Acquisition of a Cryptocurrency Cloud Mining Blockchain SaaS Company.

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The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, announced that it signed a legally binding memorandum of understanding (the “MOU”) on the Acquisition of 70% equity of Hangzhou SuanLi Technology Co., Ltd. (hereinafter referred to as “Interhash”), a cryptocurrency cloud mining blockchain Software-as-a-Service (“SaaS”) company. The acquisition consideration is approximately US$7 million, subject to due diligence and valuation to be conducted by an independent valuation firm. The9 will pay the acquisition consideration by issuance of Class A ordinary shares based on the closing market price of US$82.89 prior to the signing of the MOU.

Established in June 2019, Interhash is a one-stop comprehensive platform that provides cryptocurrency mining-related management services to worldwide users. Users can place an order with one click to use the services, which save the users from involving in the complicated process of cryptocurrency mining including purchasing, installing and hosting cryptocurrency mining mahcines. The team of Interhash are all veterans who have been involved in the blockchain industry in the early days, especially in the field of cryptocurrency mining, with long time industry experience and resources. Interhash has managed AvalonMiners, AntMiners, WhatsMiners, Ipollo miners and Ebit miners for users. The cumulative Bitcoin hash rate under Interhash’s management is approximately 590PH/S. Utilizing the team’s long time experience and resources in the cryptocurrency mining industrial chain, Interhash’s goal is to become a leading cryptocurrency cloud mining blockchain SaaS company.

Over the last 12 months, NCTY stock rose by 472.23%. The average equity rating for NCTY stock is currently 4.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $361.47 million, with 8.96 million shares outstanding and 5.30 million shares in the current float. Compared to the average trading volume of 4.48M shares, NCTY stock reached a trading volume of 3397994 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on The9 Limited [NCTY]:

JP Morgan have made an estimate for The9 Limited shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on November 13, 2009. The new note on the price target was released on June 18, 2009, representing the official price target for The9 Limited stock. Previously, the target price had yet another drop from $17 to $11, while Roth Capital kept a Hold rating on NCTY stock. On January 27, 2009, analysts increased their price target for NCTY shares from 16 to 20.

The Average True Range (ATR) for The9 Limited is set at 10.65

NCTY Stock Performance Analysis:

The9 Limited [NCTY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.80. With this latest performance, NCTY shares gained by 381.13% in over the last four-week period, additionally plugging by 997.76% over the last 6 months – not to mention a rise of 472.23% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NCTY stock in for the last two-week period is set at 61.22, with the RSI for the last a single of trading hit 56.53, and the three-weeks RSI is set at 63.50 for The9 Limited [NCTY]. The present Moving Average for the last 50 days of trading for this stock 18.80, while it was recorded at 68.44 for the last single week of trading, and 8.76 for the last 200 days.

Insight into The9 Limited Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and The9 Limited [NCTY] shares currently have an operating margin of -38089.23 and a Gross Margin at -835.53. The9 Limited’s Net Margin is presently recorded at -55820.08.

Reflecting on the efficiency of the workforce at the company, The9 Limited [NCTY] managed to generate an average of -$452,247 per employee. Receivables Turnover for the company is 0.04 with a Total Asset Turnover recorded at a value of 0.00.The9 Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.20 and a Current Ratio set at 0.20.

The9 Limited [NCTY] Insider Position Details

There are presently around $5 million, or 4.20% of NCTY stock, in the hands of institutional investors. The top three institutional holders of NCTY stocks are: SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC with ownership of 50,200, which is approximately New of the company’s market cap and around 45.10% of the total institutional ownership; PALOMA PARTNERS MANAGEMENT CO, holding 37,519 shares of the stock with an approximate value of $2.02 million in NCTY stocks shares; and WELLS FARGO & COMPANY/MN, currently with $0.21 million in NCTY stock with ownership of nearly New of the company’s market capitalization.

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Positions in The9 Limited stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 3 institutional holders increased their position in The9 Limited [NASDAQ:NCTY] by around 91,719 shares. Additionally, 5 investors decreased positions by around 350,110 shares, while 0 investors held positions by with 350,094 shares. The mentioned changes placed institutional holdings at 91,735 shares, according to the latest SEC report filing. NCTY stock had 3 new institutional investments in for a total of 91,719 shares, while 4 institutional investors sold positions of 350,109 shares during the same period.

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