Shares of Qunar Cayman Islands Ltd (NASDAQ:QUNR) are up big in early morning trading today as Benzinga has reported that the company will soon be getting a new minority shareholder. As for who the shareholder may be, Ctrip.com has only described them as ‘significant’.
The stock, which has dropped substantially over the last few weeks, after hitting new 52-week highs last month, had quite a volatile 2015. The start to 2016 has been pretty poor, but this news today may turn things around for Qunar Cayman Islands Ltd (NASDAQ:QUNR). The stock is up 14.02% or $5.35 following the news, hitting $43.51 per share. About 1.59M shares traded hands. QUNR has declined 21.37% since June 9, 2015 and is downtrending. It has underperformed the S&P500 by 13.88%.
From a total of 7 analysts covering Qunar Cayman Islands Limited (NASDAQ:QUNR) stock, 3 rate it a “Buy”, 2 a “Sell”, and 2 a “Hold”. This means that 43% of the ratings are positive. The highest target price is $51 while the lowest target price is $36. The mean of all analyst targets is $44 which is 1.13% above today’s ($43.51) stock price. Qunar Cayman Islands Limited was the topic of 8 analyst reports since August 25, 2015 according to the firm StockzIntelligence Inc. Stifel Nicolaus downgraded shares on October 30 to a “Hold” rating. CLSA downgraded QUNR stock in a recent report from October 27 to a “Sell” rating. Finally, Summit Research maintained the stock with a “Hold” rating in a report they issued on an August 25.
Qunar Cayman Islands Limited is engaged in offering mobile and online commerce platform for travel in China. The company has a market cap of $5.70 billion. The Firm offers a range of travel products, including flights, hotels, vacations packages, attraction tickets and other travel related offerings. It currently has negative earnings. The Firm has developed Qunar Travel, its mobile application, which enables its users to search for and purchase travel products.