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

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

Recon Technology Price Performance

RCON stock opened at $2.18 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 10.64 and a current ratio of 10.67. Recon Technology has a 1-year low of $1.26 and a 1-year high of $3.70. The business has a 50 day simple moving average of $2.25 and a two-hundred day simple moving average of $2.43.

Hedge Funds Weigh In On Recon Technology

A hedge fund recently bought a new stake in Recon Technology stock. Belvedere Trading LLC acquired a new stake in shares of Recon Technology, Ltd. (NASDAQ:RCON) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,807 shares of the oil and gas company’s stock, valued at approximately $48,000. Belvedere Trading LLC owned 0.21% of Recon Technology at the end of the most recent reporting period. Hedge funds and other institutional investors 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.