BlueCity (NASDAQ:BLCT) Shares Down 10%


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BlueCity Holdings Limited (NASDAQ:BLCT)’s share price dropped 10% during mid-day trading on Tuesday . The stock traded as low as $11.30 and last traded at $12.64. Approximately 783,678 shares traded hands during trading, an increase of 37% from the average daily volume of 570,154 shares. The stock had previously closed at $14.04.

Separately, Oppenheimer initiated coverage on shares of BlueCity in a research report on Thursday, December 10th. They set an “outperform” rating and a $20.00 target price for the company.

The firm’s 50 day simple moving average is $11.78 and its 200 day simple moving average is $11.27.

Several hedge funds have recently bought and sold shares of BLCT. UG Investment Advisers Ltd. purchased a new position in shares of BlueCity during the fourth quarter worth approximately $7,278,000. Morgan Stanley purchased a new position in shares of BlueCity during the third quarter worth approximately $5,447,000. FIL Ltd purchased a new position in shares of BlueCity during the fourth quarter worth approximately $5,079,000. Penserra Capital Management LLC purchased a new position in shares of BlueCity during the fourth quarter worth approximately $389,000. Finally, Vident Investment Advisory LLC raised its stake in shares of BlueCity by 94.7% during the fourth quarter. Vident Investment Advisory LLC now owns 31,652 shares of the company’s stock worth $320,000 after acquiring an additional 15,392 shares in the last quarter. 2.00% of the stock is currently owned by hedge funds and other institutional investors.

About BlueCity (NASDAQ:BLCT)

BlueCity Holdings Limited operates a platform for LGBTQ community primarily under BlueCity brand in China, India, Korea, Thailand, and Vietnam. It operates a mobile app Blued, together with other products and services. Its LGBTQ platforms provide products and services, including social and entertainment, online health consulting and online pharmacy, and assisted reproductive technology service.

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