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Downgrade Alert for Sina (SINA)

By Shiri Gupta

Sina (NASDAQ:SINA) was downgraded from Buy to Hold at Deutsche Bank today. The stock closed yesterday at $45.08 on volume of 1.6 million shares, below average daily volume of 2.9 million.

Sina has overhead space with shares priced $45.08, or 10.6% below the average consensus analyst price target of $50.44. The stock should find resistance at its 50-day moving average (MA) of $49.49, as well as support at its 200-day MA of $40.49.

Sina share prices have moved between a 52-week high of $61.25 and a 52-week low of $31.92 and closed yesterday at 41% above that low price at $45.08 per share. The 200-day and 50-day moving averages have moved 0.06% higher and 0.27% higher over the past week, respectively.

SINA Corporation is a global Internet media company operating Chinese-language destination sites. The Company offers a network of branded content and services targeting people of Chinese descent worldwide. SINA.com offers online news, entertainment, community, and commerce through web sites that are produced and updated by local teams in China, Hong Kong, Taiwan, and North America.

SmarTrend recommended that its subscribers protect gains by selling shares of Sina on June 26th, 2015 by issuing a Downtrend alert when the shares were trading at $54.17. Since that call, shares of Sina have fallen 16.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades

Ticker(s): SINA