NetEase (NASDAQ:NTES) Shares Gap Down – Here’s What Happened

NetEase, Inc. (NASDAQ:NTES) shares gapped down before the market opened on Wednesday. The stock had previously closed at $128.03, but opened at $123.60. NetEase shares last traded at $122.35, with a volume of 613,859 shares.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wall Street Zen lowered NetEase from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Sanford C. Bernstein restated an “outperform” rating and set a $160.00 price target on shares of NetEase in a report on Friday, August 21st. Nomura boosted their price target on shares of NetEase from $155.00 to $157.00 and gave the stock a “buy” rating in a research report on Tuesday, August 25th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NetEase in a research note on Monday, November 2nd. Finally, Zacks Research cut shares of NetEase from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 20th. Six research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $159.86.

NetEase Stock Performance

The stock has a market capitalization of $78.00 billion, a P/E ratio of 16.79, a PEG ratio of 1.54 and a beta of 0.64. The business has a fifty day simple moving average of $119.93 and a 200-day simple moving average of $120.86.

NetEase Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Thursday, September 3rd were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Thursday, September 3rd. This is a drop from NetEase’s previous quarterly dividend of $0.72. NetEase’s dividend payout ratio is presently 26.31%.

Insider Transactions at NetEase

In other NetEase news, VP Aileen Mo sold 716 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $120.64, for a total value of $86,378.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 54.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On NetEase

Several institutional investors have recently made changes to their positions in NTES. Bessemer Group Inc. boosted its position in shares of NetEase by 590.7% during the 3rd quarter. Bessemer Group Inc. now owns 297 shares of the technology company’s stock worth $36,000 after purchasing an additional 254 shares in the last quarter. Livelsberger Financial Advisory acquired a new stake in NetEase in the third quarter valued at approximately $43,000. Allworth Financial LP grew its stake in NetEase by 210.2% in the second quarter. Allworth Financial LP now owns 667 shares of the technology company’s stock valued at $85,000 after acquiring an additional 452 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of NetEase by 16.0% during the first quarter. EverSource Wealth Advisors LLC now owns 777 shares of the technology company’s stock valued at $87,000 after acquiring an additional 107 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of NetEase during the second quarter worth approximately $102,000. Institutional investors and hedge funds own 11.07% of the company’s stock.

NetEase Company Profile

NetEase, Inc. is a China-based internet technology company best known for developing and publishing online games. Its portfolio includes titles such as Fantasy Westward Journey and Identity V, as well as games for mobile and other platforms. The company serves players in China and international markets. NetEase also operates NetEase Cloud Music, a music streaming and social platform, and Youdao, which provides digital learning services and education technology products. Its businesses span game development and publishing, music, and online learning.