NEW YORK (TheStreet) -- Shares of NQ Mobile (NQ) are soaring, up 21.39% to $4.20 in early market trading Tuesday, after the global provider of mobile Internet services authorized an $80 million share buyback program over the next 12 months.
NQ Mobile plans to fund these repurchases from its existing cash balance.Separately, analysts at Topeka Capital Markets slashed its price target on shares of the company to $8.50 from $33 this morning, with a "buy" rating.
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China-based NQ Mobile is a holding company, providing mobile Internet services focusing on security, privacy and productivity.
In addition, TheStreet Ratings team rates NQ MOBILE INC -ADR as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NQ MOBILE INC -ADR (NQ) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."
Highlights from the analysis by TheStreet Ratings Team goes as follows: