Smart Share Global (NYSE:EM) Shares Up 0.4% - Here's Why

Key Points

• Smart Share Global Limited shares increased by 0.4% to $1.16, but trading volume decreased by 34% compared to the average.
• Citigroup raised its target price for the stock to $1.25, maintaining a "neutral" rating, up from a previous target of $1.00.
• Institutional ownership in Smart Share Global is substantial, with hedge funds and investors holding 83.96% of the company's stock.

Smart Share Global Limited (NYSE:EM - Get Free Report) was up 0.4% during mid-day trading on Friday . The company traded as high as $1.17 and last traded at $1.16. Approximately 259,132 shares changed hands during trading, a decline of 34% from the average daily volume of 393,914 shares. The stock had previously closed at $1.15.

Analyst Ratings Changes

Separately, Citigroup restated a "neutral" rating and set a $1.25 price objective (up previously from $1.00) on shares of Smart Share Global in a report on Wednesday, June 18th.

Smart Share Global Price Performance

The stock's 50 day simple moving average is $1.12 and its two-hundred day simple moving average is $1.11. The stock has a market cap of $297.91 million, a P/E ratio of 39.18 and a beta of 0.67.

Institutional Investors Weigh In On Smart Share Global

Hedge funds have recently bought and sold shares of the stock. MASO CAPITAL PARTNERS Ltd purchased a new position in Smart Share Global during the 1st quarter worth $2,948,000. Virtu Financial LLC bought a new stake in shares of Smart Share Global in the 1st quarter worth approximately $58,000. Finally, Palliser Capital UK Ltd increased its position in shares of Smart Share Global by 23.8% in the second quarter. Palliser Capital UK Ltd now owns 7,373,915 shares of the company's stock valued at $8,406,000 after acquiring an additional 1,419,335 shares during the period. 83.96% of the stock is currently owned by institutional investors and hedge funds.

About Smart Share Global

Smart Share Global Limited, a consumer tech company, provides mobile device charging services in the People's Republic of China. The company provides mobile device charging services through online and offline networks; and rents power banks. It offers services through its power banks placed in points of interests (POIs) operated by its location partners, such as entertainment venues, restaurants, shopping centers, hotels, transportation hubs, and public spaces.