NQ Mobile Inc (NYSE:NQ) fell 13.7% on Wednesday . The stock traded as low as $1.58 and last traded at $1.91. 4,685,586 shares were traded during mid-day trading, an increase of 236% from the average session volume of 1,395,677 shares. The stock had previously closed at $1.68.
Separately, Rosenblatt Securities set a $13.00 price objective on NQ Mobile and gave the company a “buy” rating in a report on Monday, December 25th.
The firm has a market cap of $203.25, a price-to-earnings ratio of 29.71 and a beta of 1.23. The company has a current ratio of 4.04, a quick ratio of 4.02 and a debt-to-equity ratio of 0.56.
NQ Mobile announced that its Board of Directors has authorized a stock buyback program on Monday, November 13th that authorizes the company to buyback $150.00 million in shares. This buyback authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Several hedge funds and other institutional investors have recently modified their holdings of NQ. Dimensional Fund Advisors LP boosted its stake in NQ Mobile by 3.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 885,336 shares of the software maker’s stock worth $3,098,000 after buying an additional 32,939 shares during the last quarter. State Street Corp lifted its stake in shares of NQ Mobile by 2.9% in the 2nd quarter. State Street Corp now owns 241,574 shares of the software maker’s stock valued at $822,000 after purchasing an additional 6,890 shares in the last quarter. Penserra Capital Management LLC lifted its stake in shares of NQ Mobile by 74.9% in the 3rd quarter. Penserra Capital Management LLC now owns 160,864 shares of the software maker’s stock valued at $563,000 after purchasing an additional 68,904 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of NQ Mobile by 46.4% in the 4th quarter. Bank of Montreal Can now owns 120,926 shares of the software maker’s stock valued at $486,000 after purchasing an additional 38,335 shares in the last quarter. Finally, Aperio Group LLC acquired a new position in shares of NQ Mobile in the 3rd quarter valued at about $118,000. 8.17% of the stock is owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION WARNING: “NQ Mobile (NQ) Trading Down 13.7%” was originally posted by Sports Perspectives and is owned by of Sports Perspectives. If you are accessing this report on another site, it was illegally stolen and republished in violation of United States & international trademark & copyright law. The legal version of this report can be read at https://sportsperspectives.com/2018/02/09/nq-mobile-nq-trading-down-13-7.html.
NQ Mobile Company Profile
NQ Mobile Inc is a global provider of mobile Internet services. The Company provides a portfolio of offerings, including mobile game publishing platforms, mobile advertising platforms, mobile entertainment applications and platforms, mobile security and productivity applications, as well as other mobile applications.
Receive News & Ratings for NQ Mobile Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NQ Mobile and related companies with MarketBeat.com's FREE daily email newsletter.