Spark Investment Management LLC Invests $1.36 Million in Ninetowns Internet Technlgy Grp Co Ltd. (NINE)

Spark Investment Management LLC acquired a new stake in Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 59,847 shares of the company’s stock, valued at approximately $1,355,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pearl River Capital LLC purchased a new position in shares of Ninetowns Internet Technlgy Grp in the 4th quarter valued at about $25,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ninetowns Internet Technlgy Grp by 107.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,417 shares of the company’s stock worth $32,000 after acquiring an additional 734 shares in the last quarter. Great West Life Assurance Co. Can acquired a new stake in shares of Ninetowns Internet Technlgy Grp during the 4th quarter worth about $39,000. Legal & General Group Plc raised its position in shares of Ninetowns Internet Technlgy Grp by 18.8% during the 4th quarter. Legal & General Group Plc now owns 2,639 shares of the company’s stock worth $59,000 after acquiring an additional 418 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its position in shares of Ninetowns Internet Technlgy Grp by 310.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,124 shares of the company’s stock worth $71,000 after acquiring an additional 2,363 shares in the last quarter.

NINE opened at $21.41 on Wednesday. Ninetowns Internet Technlgy Grp Co Ltd. has a 52 week low of $19.02 and a 52 week high of $40.39.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last announced its earnings results on Wednesday, March 6th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.01). The business had revenue of $229.45 million during the quarter, compared to the consensus estimate of $231.71 million.

In related news, insider David Crombie sold 60,000 shares of Ninetowns Internet Technlgy Grp stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $22.40, for a total value of $1,344,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Theodore R. Moore sold 8,730 shares of Ninetowns Internet Technlgy Grp stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $21.54, for a total value of $188,044.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,741 shares of company stock worth $2,115,752.

Several brokerages have recently weighed in on NINE. Zacks Investment Research raised Ninetowns Internet Technlgy Grp from a “sell” rating to a “hold” rating in a research report on Friday, March 8th. Raymond James raised their target price on Ninetowns Internet Technlgy Grp from $31.00 to $32.00 and gave the stock a “strong-buy” rating in a research report on Friday, March 8th. Tudor Pickering raised Ninetowns Internet Technlgy Grp from a “hold” rating to a “buy” rating and set a $24.79 target price on the stock in a research report on Tuesday, February 5th. Finally, Goldman Sachs Group began coverage on Ninetowns Internet Technlgy Grp in a research report on Sunday, March 10th. They set a “buy” rating and a $33.00 target price on the stock. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Ninetowns Internet Technlgy Grp has a consensus rating of “Buy” and a consensus target price of $36.75.

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Ninetowns Internet Technlgy Grp Profile

Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.

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Institutional Ownership by Quarter for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

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