Harvest Fund Management Co. Ltd Reduces Position in Weibo Corporation (WB)

Harvest Fund Management Co. Ltd cut its position in shares of Weibo Corporation (NASDAQ:WB) by 12.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 350,000 shares of the information services provider’s stock after selling 51,489 shares during the period. Weibo Corporation makes up about 3.4% of Harvest Fund Management Co. Ltd’s portfolio, making the stock its 10th biggest holding. Harvest Fund Management Co. Ltd owned about 0.17% of Weibo Corporation worth $23,265,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Alta Advisers Ltd boosted its stake in Weibo Corporation by 5.0% during the first quarter. Alta Advisers Ltd now owns 2,100 shares of the information services provider’s stock valued at $110,000 after buying an additional 100 shares during the last quarter. Catamount Wealth Management bought a new position in Weibo Corporation during the second quarter valued at approximately $113,000. Oppenheimer Asset Management Inc. bought a new position in Weibo Corporation during the first quarter valued at approximately $162,000. Victory Capital Management Inc. boosted its stake in Weibo Corporation by 16.0% during the first quarter. Victory Capital Management Inc. now owns 3,894 shares of the information services provider’s stock valued at $203,000 after buying an additional 537 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Weibo Corporation by 41.7% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 3,400 shares of the information services provider’s stock valued at $226,000 after buying an additional 1,000 shares during the last quarter. 19.58% of the stock is owned by institutional investors.

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Shares of Weibo Corporation (NASDAQ:WB) traded down 0.81% during midday trading on Friday, reaching $106.11. The company’s stock had a trading volume of 2,066,282 shares. The stock’s 50 day moving average price is $92.81 and its 200 day moving average price is $70.33. Weibo Corporation has a one year low of $40.12 and a one year high of $108.30. The firm has a market cap of $22.00 billion, a price-to-earnings ratio of 122.25 and a beta of 2.61.

Weibo Corporation (NASDAQ:WB) last issued its earnings results on Wednesday, August 9th. The information services provider reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The business had revenue of $253.37 million for the quarter, compared to analysts’ expectations of $246.78 million. Weibo Corporation had a return on equity of 24.45% and a net margin of 23.22%. The business’s revenue for the quarter was up 72.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 EPS. Analysts predict that Weibo Corporation will post $1.63 earnings per share for the current year.

A number of brokerages recently commented on WB. Zacks Investment Research raised Weibo Corporation from a “hold” rating to a “strong-buy” rating and set a $95.00 price target for the company in a research note on Tuesday, August 15th. BidaskClub raised Weibo Corporation from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 16th. Barclays PLC set a $100.00 price target on Weibo Corporation and gave the company an “overweight” rating in a research note on Friday, August 11th. Instinet reissued a “buy” rating and set a $102.00 price target (up from $91.00) on shares of Weibo Corporation in a research note on Friday, August 11th. Finally, Jefferies Group LLC dropped their price target on Weibo Corporation from $105.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, August 10th. Nine investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Weibo Corporation presently has a consensus rating of “Buy” and a consensus price target of $85.28.

Weibo Corporation Company Profile

Weibo Corporation is a social media platform for people to create, distribute and discover Chinese-language content. The Company provides ways for people and organizations to publicly express themselves in real time, interact with others on a global platform and stay connected with the world. It operates in two segments: advertising and marketing services and other services.

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Institutional Ownership by Quarter for Weibo Corporation (NASDAQ:WB)

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