Weibo Co. (NASDAQ:WB) Holdings Cut by Legacy Wealth Asset Management LLC

Legacy Wealth Asset Management LLC cut its stake in Weibo Co. (NASDAQ:WB) by 5.3% during the first quarter, HoldingsChannel reports. The fund owned 68,019 shares of the information services provider’s stock after selling 3,777 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Weibo were worth $618,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Truist Financial Corp acquired a new stake in Weibo in the fourth quarter valued at approximately $117,000. Profund Advisors LLC bought a new stake in Weibo in the third quarter worth $133,000. abrdn plc increased its position in Weibo by 59.4% during the fourth quarter. abrdn plc now owns 18,665 shares of the information services provider’s stock worth $204,000 after buying an additional 6,955 shares during the last quarter. DGS Capital Management LLC increased its position in Weibo by 42.1% during the fourth quarter. DGS Capital Management LLC now owns 23,121 shares of the information services provider’s stock worth $253,000 after buying an additional 6,850 shares during the last quarter. Finally, AJOVista LLC bought a new position in Weibo during the fourth quarter valued at about $351,000. 68.77% of the stock is currently owned by hedge funds and other institutional investors.

Weibo Stock Up 3.1 %

Shares of WB opened at $8.32 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.24 and a current ratio of 2.24. The company has a 50-day simple moving average of $8.74 and a 200-day simple moving average of $8.99. Weibo Co. has a 52 week low of $7.58 and a 52 week high of $16.02. The firm has a market capitalization of $1.95 billion, a P/E ratio of 6.99, a P/E/G ratio of 1.40 and a beta of 0.21.

Weibo (NASDAQ:WB) last issued its earnings results on Thursday, May 23rd. The information services provider reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. The business had revenue of $395.50 million during the quarter, compared to analyst estimates of $396.50 million. Weibo had a return on equity of 10.92% and a net margin of 16.74%. On average, equities research analysts expect that Weibo Co. will post 1.48 earnings per share for the current year.

Wall Street Analyst Weigh In

WB has been the topic of a number of recent analyst reports. UBS Group raised Weibo from a “neutral” rating to a “buy” rating and cut their price objective for the company from $12.90 to $11.50 in a research note on Tuesday, March 19th. HSBC reduced their price objective on shares of Weibo from $13.60 to $9.80 and set a “hold” rating for the company in a research note on Friday, March 15th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $10.60 target price on shares of Weibo in a research note on Thursday, March 28th. Finally, Morgan Stanley lowered shares of Weibo from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $11.00 to $10.00 in a research report on Friday, May 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Weibo currently has a consensus rating of “Hold” and an average price target of $11.65.

About Weibo

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, distribute, and discover content in the People's Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.