JPMorgan Chase & Co. boosted its position in Renren Inc (NYSE:RENN) by 1,254.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,019 shares of the technology company’s stock after buying an additional 33,360 shares during the period. JPMorgan Chase & Co. owned approximately 0.05% of Renren worth $313,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of RENN. Newman Dignan & Sheerar Inc. bought a new stake in Renren in the 3rd quarter valued at about $111,000. Northern Trust Corp increased its position in Renren by 48.5% in the 2nd quarter. Northern Trust Corp now owns 29,146 shares of the technology company’s stock valued at $177,000 after buying an additional 9,523 shares in the last quarter. Nomura Holdings Inc. bought a new stake in Renren in the 2nd quarter valued at about $187,000. State Street Corp increased its position in Renren by 6.3% in the 2nd quarter. State Street Corp now owns 52,288 shares of the technology company’s stock valued at $319,000 after buying an additional 3,105 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC increased its position in Renren by 16.0% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 56,155 shares of the technology company’s stock valued at $503,000 after buying an additional 7,756 shares in the last quarter. 2.41% of the stock is owned by institutional investors and hedge funds.
Separately, BidaskClub raised Renren from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 2nd.
Renren (NYSE:RENN) last issued its earnings results on Friday, December 15th. The technology company reported ($0.33) EPS for the quarter. Renren had a negative net margin of 119.20% and a negative return on equity of 20.63%. equities analysts anticipate that Renren Inc will post -1.01 earnings per share for the current fiscal year.
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Renren Inc operates a real name social networking Internet platform in China. The Company enables users to connect and communicate with each other, share photos, and various features and services. The Company is developing Internet finance business to leverage its social networking services and user base in China, particularly focusing on the audience of college students and young people in China.
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