Weibo Corporation (NASDAQ:WB) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. has reduced its holdings in Weibo Corporation by 21.7%, selling 841,727 shares, and now owns approximately 1.25% of the company, valued at about $28.8 million.
• Institutional investors collectively own 68.77% of Weibo's stock, with Krane Funds Advisors LLC increasing its position by 25.1%.
• Weibo recently had its rating downgraded from "buy" to "hold" by Wall Street Zen, with a consensus target price of $9.75.

Federated Hermes Inc. lowered its position in shares of Weibo Corporation (NASDAQ:WB - Free Report) by 21.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,040,526 shares of the information services provider's stock after selling 841,727 shares during the period. Federated Hermes Inc. owned approximately 1.25% of Weibo worth $28,794,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Prudential Financial Inc. acquired a new stake in shares of Weibo during the fourth quarter worth approximately $981,000. BNP Paribas Financial Markets grew its position in shares of Weibo by 51.8% during the fourth quarter. BNP Paribas Financial Markets now owns 126,192 shares of the information services provider's stock worth $1,205,000 after buying an additional 43,086 shares in the last quarter. Northern Trust Corp grew its position in shares of Weibo by 61.7% during the fourth quarter. Northern Trust Corp now owns 178,201 shares of the information services provider's stock worth $1,702,000 after buying an additional 68,023 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Weibo during the fourth quarter worth approximately $1,359,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Weibo during the fourth quarter worth approximately $421,000. Hedge funds and other institutional investors own 68.77% of the company's stock.

Weibo Stock Performance

WB stock traded up $0.14 during trading on Tuesday, hitting $9.76. 310,869 shares of the company's stock traded hands, compared to its average volume of 1,358,506. The company has a quick ratio of 2.72, a current ratio of 2.72 and a debt-to-equity ratio of 0.53. Weibo Corporation has a 52 week low of $7.03 and a 52 week high of $12.40. The stock has a fifty day moving average price of $9.70 and a two-hundred day moving average price of $9.53. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 7.07 and a beta of 0.10.

Weibo (NASDAQ:WB - Get Free Report) last released its earnings results on Wednesday, May 21st. The information services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.07. Weibo had a net margin of 20.41% and a return on equity of 12.29%. The firm had revenue of $396.86 million during the quarter, compared to analyst estimates of $394.21 million. During the same quarter in the previous year, the firm earned $0.41 earnings per share. The firm's revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts anticipate that Weibo Corporation will post 1.62 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen downgraded shares of Weibo from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $9.75.

About Weibo

Weibo Corporation, through its subsidiaries, operates as a social media platform for people to create, discover, and distribute content in the People's Republic of China. It operates in two segments, Advertising and Marketing Services; and Value-Added Services. The company offers discovery products to help users discover content on its platform; self-expression products that enable its users to express themselves on its platform; and social products to promote social interaction between users on its platform.