Renren Inc (NYSE:RENN) was the recipient of some unusual options trading activity on Wednesday. Investors bought 6,198 call options on the company. This represents an increase of approximately 1,702% compared to the average daily volume of 344 call options.
Several institutional investors and hedge funds have recently modified their holdings of RENN. SG Americas Securities LLC raised its position in shares of Renren by 108.1% in the second quarter. SG Americas Securities LLC now owns 122,259 shares of the technology company’s stock valued at $745,000 after purchasing an additional 63,522 shares during the period. Northern Trust Corp raised its position in shares of Renren by 48.5% in the second quarter. Northern Trust Corp now owns 29,146 shares of the technology company’s stock valued at $177,000 after purchasing an additional 9,523 shares during the period. State Street Corp raised its position in shares of Renren by 6.3% in the second quarter. State Street Corp now owns 52,288 shares of the technology company’s stock valued at $319,000 after purchasing an additional 3,105 shares during the period. Nomura Holdings Inc. bought a new position in shares of Renren in the second quarter valued at about $187,000. Finally, Newman Dignan & Sheerar Inc. bought a new position in shares of Renren in the third quarter valued at about $111,000. 2.41% of the stock is currently owned by institutional investors.
Separately, BidaskClub raised shares of Renren from a “buy” rating to a “strong-buy” rating in a research report on Thursday, November 2nd.
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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