Ninetowns Internet Technlgy Grp (NASDAQ:NINE) Downgraded by Zacks Investment Research to “Strong Sell”

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Zacks Investment Research downgraded shares of Ninetowns Internet Technlgy Grp (NASDAQ:NINE) from a hold rating to a strong sell rating in a research report report published on Tuesday morning, Zacks.com reports.

According to Zacks, “Nine Energy Service, Inc. provides onshore completion and production services to unconventional oil and gas resource development. The Company’s operating segment consists of Completion Solutions and Production Solutions. Completion Solutions segment provides services integral to the completion of unconventional wells. Production Solutions segment provides production enhancement and well work over services. It also offers auxiliary services including casing jacks with hydraulic power source and oil field equipment hauling. The company operates primarily in the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus, Utica and throughout Canada. Nine Energy Service, Inc. is headquartered in Houston, Texas. “

Several other equities analysts have also issued reports on NINE. AltaCorp Capital reiterated a sector perform rating on shares of STEP Energy Services in a report on Thursday, June 20th. Bank of America restated an underperform rating and issued a $1.25 price objective (down from $4.50) on shares of Superior Energy Services in a report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $35.31.

Shares of NINE stock traded up $0.01 during trading hours on Tuesday, hitting $13.44. 401 shares of the company’s stock traded hands, compared to its average volume of 133,416. The stock has a fifty day moving average price of $16.36. Ninetowns Internet Technlgy Grp has a 12-month low of $13.21 and a 12-month high of $40.39.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last released its earnings results on Tuesday, May 7th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.53. The business had revenue of $229.71 million for the quarter, compared to analysts’ expectations of $229.51 million.

In related news, insider Theodore R. Moore sold 8,730 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $21.54, for a total value of $188,044.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Crombie sold 27,011 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $21.61, for a total transaction of $583,707.71. The disclosure for this sale can be found here.

A number of institutional investors and hedge funds have recently made changes to their positions in NINE. Mesirow Financial Investment Management Inc. grew its position in Ninetowns Internet Technlgy Grp by 12.1% during the second quarter. Mesirow Financial Investment Management Inc. now owns 28,491 shares of the company’s stock valued at $453,000 after buying an additional 3,074 shares during the period. HITE Hedge Asset Management LLC grew its position in Ninetowns Internet Technlgy Grp by 6.1% during the first quarter. HITE Hedge Asset Management LLC now owns 645,859 shares of the company’s stock valued at $14,629,000 after buying an additional 37,085 shares during the period. PNC Financial Services Group Inc. acquired a new stake in Ninetowns Internet Technlgy Grp during the first quarter valued at $35,000. Spark Investment Management LLC acquired a new stake in Ninetowns Internet Technlgy Grp during the first quarter valued at $1,355,000. Finally, Boston Partners grew its position in Ninetowns Internet Technlgy Grp by 3.5% during the first quarter. Boston Partners now owns 259,904 shares of the company’s stock valued at $5,887,000 after buying an additional 8,842 shares during the period.

About Ninetowns Internet Technlgy Grp

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.

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