Shares of Renren Inc (NYSE:RENN) saw unusually-high trading volume on Thursday . Approximately 782,466 shares changed hands during mid-day trading, a decline of 24% from the previous session’s volume of 1,036,021 shares.The stock last traded at $1.67 and had previously closed at $1.54.
Separately, ValuEngine cut Renren from a “buy” rating to a “hold” rating in a research note on Friday, June 22nd.
The company has a market cap of $97.00 million, a P/E ratio of -0.95 and a beta of 0.57. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.55 and a quick ratio of 0.94.
A number of institutional investors have recently made changes to their positions in RENN. Cubist Systematic Strategies LLC boosted its position in Renren by 189.4% during the second quarter. Cubist Systematic Strategies LLC now owns 50,867 shares of the technology company’s stock worth $126,000 after purchasing an additional 33,292 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Renren during the second quarter worth approximately $397,000. Dimensional Fund Advisors LP boosted its position in Renren by 192.8% during the first quarter. Dimensional Fund Advisors LP now owns 61,668 shares of the technology company’s stock worth $518,000 after purchasing an additional 40,605 shares during the period. Finally, Global X Management Co LLC boosted its position in Renren by 806.5% during the second quarter. Global X Management Co LLC now owns 243,320 shares of the technology company’s stock worth $601,000 after purchasing an additional 216,478 shares during the period. 3.44% of the stock is owned by hedge funds and other institutional investors.
About Renren (NYSE:RENN)
Renren Inc operates a social networking Internet platform in the People's Republic of China. It operates through two segments, Renren and Auto Group. The company operates Renren.com and Renren Mobile App that enable users to communicate and stay connected with friends, classmates, family members, and co-workers; and woxiu.com, a PC-based social video platform for users to stream their performances live to viewers.
Read More: Intrinsic Value and Stock Selection
Receive News & Ratings for Renren Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Renren and related companies with MarketBeat.com's FREE daily email newsletter.