Weibo Corp. (WB) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS
Weibo Corp. (NASDAQ:WB) posted its quarterly earnings results on Monday. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.04. The company earned $176.90 million during the quarter, compared to the consensus estimate of $173.19 million. Weibo Corp. had a return on equity of 10.62% and a net margin of 12.33%. The firm’s quarterly revenue was up 41.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.10 EPS.
Shares of Weibo Corp. (NASDAQ:WB) opened at 45.61 on Tuesday. The firm has a 50 day moving average price of $49.22 and a 200 day moving average price of $39.02. Weibo Corp. has a 12-month low of $12.09 and a 12-month high of $55.93.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Granite Point Capital Management L.P. acquired a new position in Weibo Corp. during the second quarter valued at $832,000. Cadence Capital Management LLC purchased a new stake in shares of Weibo Corp. during the second quarter valued at approximately $256,000. Emerald Acquisition Ltd. purchased a new stake in shares of Weibo Corp. during the second quarter valued at approximately $7,853,000. Sumway Development LTD. purchased a new stake in shares of Weibo Corp. during the second quarter valued at approximately $4,426,000. Finally, Societe Generale purchased a new stake in shares of Weibo Corp. during the second quarter valued at approximately $703,000. Hedge funds and other institutional investors own 13.77% of the company’s stock.
Several research analysts have recently weighed in on WB shares. Jefferies Group reiterated a “buy” rating and set a $60.00 price target (up previously from $43.00) on shares of Weibo Corp. in a research note on Monday, October 3rd. Citigroup Inc. began coverage on Weibo Corp. in a report on Friday, August 5th. They set a “buy” rating on the stock. JPMorgan Chase & Co. began coverage on Weibo Corp. in a report on Wednesday, August 31st. They set an “overweight” rating and a $70.00 price objective on the stock. Zacks Investment Research raised Weibo Corp. from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Saturday, August 13th. Finally, Piper Jaffray Cos. reissued an “overweight” rating and set a $43.00 price objective on shares of Weibo Corp. in a report on Thursday, August 11th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Weibo Corp. presently has a consensus rating of “Buy” and an average price target of $49.29.
About Weibo Corp.
Weibo Corporation is a social media platform for people to create, distribute and discover Chinese-language content. The Company provides ways for people and organizations to publicly express themselves in real time, interact with others on a global platform and stay connected with the world. It operates in two segments: advertising and marketing services and other services.
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