StockNews.com Initiates Coverage on Recon Technology (NASDAQ:RCON)

StockNews.com assumed coverage on shares of Recon Technology (NASDAQ:RCON) in a research note issued on Tuesday. The brokerage set a “sell” rating on the oil and gas company’s stock.

Recon Technology Trading Up 6.9 %

NASDAQ RCON opened at $2.62 on Tuesday. Recon Technology has a twelve month low of $1.26 and a twelve month high of $5.49. The firm’s 50 day moving average price is $2.97 and its two-hundred day moving average price is $2.13.

Hedge Funds Weigh In On Recon Technology

A hedge fund recently bought a new stake in Recon Technology stock. Belvedere Trading LLC purchased a new stake in shares of Recon Technology, Ltd. (NASDAQ:RCON) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 16,807 shares of the oil and gas company’s stock, valued at approximately $48,000. Belvedere Trading LLC owned approximately 0.21% of Recon Technology as of its most recent SEC filing. Institutional investors and hedge funds own 9.47% of the company’s stock.

About Recon Technology

Recon Technology, Ltd. provides hardware, software, and on-site services to companies in the petroleum mining and extraction industry in the People’s Republic of China. The company offers equipment, tools, and other components and parts related to oilfield production and other energy industries; and develops and sells industrial automation control and information solutions.