Qutoutiao (QTT) Raised to “Buy” at Citigroup

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

QTT has been the subject of several other research reports. Zacks Investment Research cut Qutoutiao from a hold rating to a sell rating in a research note on Tuesday, January 1st. Deutsche Bank cut Qutoutiao from a buy rating to a hold rating and set a $10.00 price objective for the company. in a research note on Wednesday, February 20th. Finally, UBS Group cut Qutoutiao from a buy rating to a neutral rating and set a $14.00 price objective for the company. in a research note on Friday, February 15th. 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 an average target price of $12.80.

Shares of Qutoutiao stock opened at $9.00 on Tuesday. Qutoutiao has a 12 month low of $4.00 and a 12 month high of $20.39. The stock has a market cap of $2.53 billion and a P/E ratio of -4.29.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Asset Management Inc. acquired a new position in Qutoutiao during the fourth quarter worth approximately $66,000. BlackRock Inc. acquired a new position in Qutoutiao during the fourth quarter worth approximately $399,000. Citadel Advisors LLC acquired a new position in Qutoutiao during the third quarter worth approximately $466,000. Finally, FMR LLC acquired a new position in shares of Qutoutiao in the fourth quarter valued at approximately $4,510,000. 0.29% of the stock is currently 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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