Renren Inc. (NYSE:RENN) Major Shareholder Sells $4,586,115.60 in Stock

Renren Inc. (NYSE:RENN – Get Rating) major shareholder Group Corp. Softbank sold 152,870,520 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $0.03, for a total transaction of $4,586,115.60. Following the transaction, the insider now directly owns 117,388,451 shares in the company, valued at $3,521,653.53. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Renren Stock Performance

Shares of NYSE:RENN traded down $0.02 on Thursday, reaching $0.95. 48,307 shares of the company were exchanged, compared to its average volume of 96,044. Renren Inc. has a 1-year low of $0.91 and a 1-year high of $33.91. The company has a 50-day moving average of $1.22 and a 200-day moving average of $8.70.

Analyst Ratings Changes

Separately, StockNews.com began coverage on shares of Renren in a research note on Sunday. They set a “hold” rating on the stock.

Hedge Funds Weigh In On Renren

Institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC boosted its position in shares of Renren by 128.9% in the 1st quarter. Jane Street Group LLC now owns 20,752 shares of the technology company’s stock worth $29,000 after buying an additional 92,452 shares in the last quarter. Quadrant Capital Group LLC purchased a new position in shares of Renren during the 3rd quarter worth about $32,000. Virtu Financial LLC purchased a new position in shares of Renren during the 4th quarter worth about $34,000. UBS Group AG lifted its holdings in shares of Renren by 781.5% during the 4th quarter. UBS Group AG now owns 21,658 shares of the technology company’s stock worth $35,000 after acquiring an additional 19,201 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Renren during the 4th quarter worth approximately $37,000. 21.71% of the stock is owned by institutional investors and hedge funds.

Renren Company Profile

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Renren, Inc engages in the Software as a Service (SaaS) business, which includes an all-in-one real estate solution provider and a large community for the trucking industry in the United States. The company was founded by Chen Yi Zhou in November 2002 and is headquartered in Phoenix, AZ.