The9 (NASDAQ:NCTY) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of The9 (NASDAQ:NCTY) from a sell rating to a hold rating in a report released on Wednesday morning.

The9 Stock Performance

NASDAQ NCTY opened at $11.14 on Wednesday. The9 has a 1-year low of $4.03 and a 1-year high of $11.93. The business has a 50 day simple moving average of $7.91 and a two-hundred day simple moving average of $7.76.

Hedge Funds Weigh In On The9

A hedge fund recently raised its stake in The9 stock. Independent Advisor Alliance boosted its position in shares of The9 Limited (NASDAQ:NCTY) by 17.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,232 shares of the technology company’s stock after purchasing an additional 2,422 shares during the period. Independent Advisor Alliance owned about 0.18% of The9 worth $110,000 as of its most recent SEC filing. Institutional investors and hedge funds own 0.54% of the company’s stock.

About The9

The9 Limited operates as a cryptocurrency mining business in China, Eastern Europe, Asia, and North America. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was incorporated in 1999 and is headquartered in Shanghai, the People’s Republic of China.