Shares of the company are trading at $11.05 significantly above the 50 day moving average of $9.03 and much higher than the 200 day moving average of $7.45. The 50 day moving average went up $2.02 or +22.32% and the 200 day average went up by +48.28%. (NYSE:RENN) shares saw heavy trading volume with 628K shares changing hands by the end of trading on Tuesday. Shares saw a steep increase in trading volume of 63.14% over the normal average daily volume.
Traders are more bullish on shares of Renren Inc. American Depositary considering the motion in short interest. The firm saw a fall in short interest between September 29, 2017 and October 13, 2017 of -13.31%. Short interest fell from 1,069,215 to 926,922 over that period. The short-interest ratio increased to 6.0 and the percentage of shorted shares was 0.01% on October 13.
Renren Inc., incorporated in February 01, 2006, 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. The Company operates through two segments: Renren and Internet finance. The Business’s Renren segment focuses on online advertising and Internet value-added services (IVAS). The Business’s Internet finance segment includes Renren Fenqi, an online platform, which provides credit financing to college students in China through the form of payment by installments; its used automobile financing business provides credit financing to used automobile dealers, and Renren Licai, a financing and lending platform..Advertisement