NEW YORK (TheStreet) -- Shares of Qihoo 360 Technology (QIHU) were gaining 3% to $55.22 Thursday after the Chinese Internet security software company announced a new partnership with Chinese real estate developer Huayuan Group.
Under the new partnership, Qihoo 360 will design and provide home security systems and smart home management systems for Huayuan real estate developments. Those systems include intelligent surveillance cameras, security routers, location- and health-tracking wearables, electrical appliance safety alarms, intelligent gas, and fire alarms, among others.
"Through this partnership with Huayuan, Qihoo 360 is not only able to offer useful tools, but a sense of security, which paired with our software can connect every user, every family and office together," Qihoo 360 CEO Hongyi Zhou said in a statement. "This partnership is just the beginning for Qihoo 360 in the smart home technologies and IoT market."
TheStreet Ratings team rates QIHOO 360 TECHNOLGY CO -ADR as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate QIHOO 360 TECHNOLGY CO -ADR (QIHU) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."