NetEase (NASDAQ:NTES) Shares Gap Down – Here’s What Happened

Shares of NetEase, Inc. (NASDAQ:NTES) gapped down before the market opened on Thursday . The stock had previously closed at $109.14, but opened at $104.87. NetEase shares last traded at $103.70, with a volume of 480,752 shares.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley raised their target price on shares of NetEase from $108.00 to $117.00 and gave the stock an “overweight” rating in a report on Wednesday. StockNews.com downgraded shares of NetEase from a “strong-buy” rating to a “buy” rating in a report on Friday, December 6th. Citigroup lifted their price objective on shares of NetEase from $108.00 to $115.00 and gave the company a “buy” rating in a report on Friday, November 15th. Benchmark lowered their price objective on shares of NetEase from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Finally, Bank of America lifted their price objective on shares of NetEase from $120.00 to $122.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, NetEase has an average rating of “Moderate Buy” and a consensus price target of $110.00.

NetEase Price Performance

The firm’s 50 day moving average is $96.62 and its two-hundred day moving average is $89.11. The firm has a market capitalization of $66.90 billion, a P/E ratio of 17.60, a PEG ratio of 3.45 and a beta of 0.58.

Hedge Funds Weigh In On NetEase

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC grew its stake in shares of NetEase by 81.7% in the fourth quarter. Farther Finance Advisors LLC now owns 338 shares of the technology company’s stock valued at $30,000 after buying an additional 152 shares in the last quarter. Brooklyn Investment Group bought a new position in NetEase during the fourth quarter worth $34,000. UMB Bank n.a. boosted its position in NetEase by 33.3% during the fourth quarter. UMB Bank n.a. now owns 444 shares of the technology company’s stock worth $40,000 after purchasing an additional 111 shares during the period. Highline Wealth Partners LLC bought a new position in NetEase during the third quarter worth $45,000. Finally, Live Oak Investment Partners bought a new position in NetEase during the fourth quarter worth $62,000. 11.07% of the stock is owned by institutional investors.

About NetEase

NetEase, Inc engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally . The company operates through Games and Related Value-Added Services, Youdao, Cloud Music, and Innovative Businesses and Others segments.