The9 Limited (NASDAQ:NCTY) Sees Large Increase in Short Interest

The9 Limited (NASDAQ:NCTY) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totalling 125,000 shares, an increase of 249.2% from the November 30th total of 35,800 shares. Based on an average trading volume of 143,200 shares, the days-to-cover ratio is currently 0.9 days. Currently, 1.5% of the company’s stock are short sold.

The9 Trading Up 6.9 %

Shares of NASDAQ NCTY traded up $1.05 during midday trading on Thursday, hitting $16.30. 100,537 shares of the stock traded hands, compared to its average volume of 67,315. The9 has a one year low of $4.03 and a one year high of $20.59. The business has a 50 day moving average price of $12.15 and a two-hundred day moving average price of $9.17.

Institutional Trading of The9

A hedge fund recently raised its stake in The9 stock. Independent Advisor Alliance grew its holdings in shares of The9 Limited (NASDAQ:NCTY) by 17.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,232 shares of the technology company’s stock after buying an additional 2,422 shares during the quarter. Independent Advisor Alliance owned 0.18% of The9 worth $110,000 at the end of the most recent reporting period. 0.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded The9 from a “hold” rating to a “sell” rating in a research note on Thursday, November 21st.

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.