Citigroup Upgrades Qutoutiao (QTT) to Buy

Citigroup upgraded shares of Qutoutiao (NASDAQ:QTT) from a neutral rating to a buy rating in a research report released on Tuesday morning, Benzinga reports. They currently have $14.00 target price on the stock, down from their prior target price of $16.00.

Several other analysts have also recently commented on QTT. Zacks Investment Research cut shares of Qutoutiao from a hold rating to a sell rating in a research note on Wednesday, December 19th. UBS Group cut shares of Qutoutiao from a buy rating to a neutral rating and set a $14.00 target price for the company. in a research note on Friday, February 15th. Finally, Deutsche Bank cut shares of Qutoutiao from a buy rating to a hold rating and set a $10.00 target price for the company. in a research note on Wednesday, February 20th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $12.80.

QTT stock opened at $8.94 on Tuesday. The company has a market capitalization of $2.48 billion and a price-to-earnings ratio of -4.26. Qutoutiao has a one year low of $4.00 and a one year high of $20.39.

Qutoutiao (NASDAQ:QTT) last released its earnings results on Tuesday, March 5th. The company reported ($0.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.21) by ($0.02). The business had revenue of $191.87 million for the quarter, compared to analysts’ expectations of $191.90 million. As a group, equities analysts anticipate that Qutoutiao will post -0.72 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC purchased a new stake in shares of Qutoutiao during the 4th quarter valued at $4,510,000. Citadel Advisors LLC purchased a new stake in shares of Qutoutiao during the 3rd quarter valued at $466,000. BlackRock Inc. purchased a new stake in shares of Qutoutiao during the 4th quarter valued at $399,000. Finally, National Asset Management Inc. purchased a new stake in shares of Qutoutiao during the 4th quarter valued at $66,000. 0.29% of the stock is owned by institutional investors.

Qutoutiao Company Profile

Qutoutiao Inc develops an application for news in China. Qutoutiao Inc was formerly known as Qtech Ltd. and changed its name to Qutoutiao Inc in July 2018. The company was founded in 2016 and is based in Shanghai, China.

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