JP Morgan slashes price target on The9 Limited [NCTY] – find out why.

The9 Limited [NASDAQ: NCTY] traded at a low on 06/21/21, posting a -11.76 loss after which it closed the day’ session at $14.56. The company report on June 17, 2021 that The9 Announces Custody Account with Coinbase Custody.

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The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, announced Coinbase Custody, a wholly owned subsidiary of Coinbase Global Inc. (Nasdaq: COIN) and one of the global leaders in qualified digital asset custody, as the custodian for The9’s digital assets, including Bitcoin.

The9 plans to deposit at Coinbase Custody part of its cryptocurrencies mined. The first batch will be 200 Bitcoin to be deposited into The9’s segregated cold storage account at Coinbase Custody, which is an institutional-grade offline cold storage solution. The9 plans to increase deposits into this custody account, from time to time, as The9 mines more cryptocurrencies.

The results of the trading session contributed to over 2481139 shares changing hands. Over the past one week, the price volatility of The9 Limited stands at 12.03% while the volatility over the past one month is 14.40%.

The market cap for NCTY stock reached $195.25 million, with 13.41 million shares outstanding and 8.28 million shares in the current float. Compared to the average trading volume of 2.81M shares, NCTY reached a trading volume of 2481139 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 2.27, with the Price to Sales ratio for NCTY stock in the period of the last 12 months amounting to 312.16.

How has NCTY stock performed recently?

The9 Limited [NCTY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.84. With this latest performance, NCTY shares gained by 2.10% in over the last four-week period, additionally plugging by 363.69% over the last 6 months – not to mention a rise of 124.00% 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 44.38, with the RSI for the last a single of trading hit 42.45, and the three-weeks RSI is set at 44.32 for The9 Limited [NCTY]. The present Moving Average for the last 50 days of trading for this stock 17.42, while it was recorded at 17.35 for the last single week of trading, and 17.13 for the last 200 days.

The9 Limited [NCTY]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and The9 Limited [NCTY] shares currently have an operating margin of -17909.40 and a Gross Margin at -30.16. The9 Limited’s Net Margin is presently recorded at +63421.40.

Reflecting on the efficiency of the workforce at the company, The9 Limited [NCTY] managed to generate an average of $1,222,833 per employee. Receivables Turnover for the company is 0.08 with a Total Asset Turnover recorded at a value of 0.01.The9 Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

Insider trade positions for The9 Limited [NCTY]

There are presently around $11 million, or 6.90% of NCTY stock, in the hands of institutional investors. The top three institutional holders of NCTY stocks are: CVI HOLDINGS, LLC with ownership of 223,913, which is approximately New of the company’s market cap and around 45.10% of the total institutional ownership; HUDSON BAY CAPITAL MANAGEMENT LP, holding 131,000 shares of the stock with an approximate value of $1.91 million in NCTY stocks shares; and SUSQUEHANNA INTERNATIONAL GROUP, LLP, currently with $1.48 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 June and at the time of the June reporting period, where 20 institutional holders increased their position in The9 Limited [NASDAQ:NCTY] by around 780,112 shares. Additionally, 4 investors decreased positions by around 91,735 shares, while 0 investors held positions by with 91,735 shares. The mentioned changes placed institutional holdings at 780,112 shares, according to the latest SEC report filing. NCTY stock had 20 new institutional investments in for a total of 780,112 shares, while 4 institutional investors sold positions of 91,735 shares during the same period.

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