Net Element (NASDAQ:NETE) Shares Gap Down to $16.30

Shares of Net Element, Inc. (NASDAQ:NETE) gapped down prior to trading on Thursday . The stock had previously closed at $16.30, but opened at $15.13. Net Element shares last traded at $14.50, with a volume of 8,461 shares trading hands.

Separately, ValuEngine downgraded shares of Net Element from a “buy” rating to a “hold” rating in a research note on Friday, December 11th.

The firm has a 50 day moving average price of $11.51 and a 200-day moving average price of $9.46. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.46.

Net Element (NASDAQ:NETE) last issued its quarterly earnings results on Sunday, November 15th. The company reported ($0.28) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by ($0.19). The company had revenue of $16.73 million for the quarter, compared to analysts’ expectations of $14.80 million. Net Element had a negative return on equity of 186.39% and a negative net margin of 10.82%. Analysts anticipate that Net Element, Inc. will post -1.13 EPS for the current year.

Institutional investors have recently modified their holdings of the stock. UBS Group AG grew its holdings in Net Element by 790.4% during the 2nd quarter. UBS Group AG now owns 2,983 shares of the company’s stock worth $26,000 after acquiring an additional 2,648 shares in the last quarter. Cetera Advisor Networks LLC lifted its position in shares of Net Element by 59.1% during the 3rd quarter. Cetera Advisor Networks LLC now owns 21,000 shares of the company’s stock worth $189,000 after purchasing an additional 7,800 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of Net Element by 439.5% during the third quarter. BlackRock Inc. now owns 74,958 shares of the company’s stock worth $673,000 after purchasing an additional 61,063 shares in the last quarter. Institutional investors own 7.20% of the company’s stock.

About Net Element (NASDAQ:NETE)

Net Element, Inc operates as a financial technology and value-added solutions company in North America, Russia, and the Commonwealth of Independent States. It operates in two segments, North American Transaction Solutions and International Transaction Solutions. The company offers a range of payment acceptance and transaction processing services that enable merchants of various sizes to accept and process approximately 100 payment options, including credit, debit, prepaid, and alternative payments; and value-added services and technologies, such as integrated payment technologies, point-of-sale solutions (POS), fraud management solutions, information solutions, and analytical tools.

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