Zacks Investment Research downgraded shares of Renren Inc. (NYSE:RENN) from a hold rating to a sell rating in a research note published on Friday morning.

According to Zacks, “Renren Inc. operates as a social networking internet platform in China offering information and content sharing, music, online games and online shopping and other services including communication. Its platform includes renren.com, our main social networking website, game.renren.com, our online games center, nuomi.com, our social commerce website, and jingwei.com and professional and business social networking service website. Renren Inc. “

Renren (NYSE:RENN) traded up 6.76% on Friday, hitting $8.53. 318,821 shares of the stock traded hands. Renren has a 52 week low of $7.55 and a 52 week high of $17.80. The firm’s 50 day moving average is $3.35 and its 200 day moving average is $2.25. The stock’s market cap is $581.93 million.

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A hedge fund recently raised its stake in Renren stock. Global X Management Co. LLC increased its stake in Renren Inc. (NYSE:RENN) by 68.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,535 shares of the company’s stock after buying an additional 55,511 shares during the period. Global X Management Co. LLC’s holdings in Renren were worth $281,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 11.78% of the company’s stock.

About Renren

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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