Renren forming a flag pattern as earnings approach (NYSE:RENN)

by Josh Renren ($RENN) is hitting a new 52 week high today. Over the past 52 weeks RENN has traded from a low of $2.52 to a high of $4.33. We last covered $RENN two weeks ago at 3.32 when it was marking a key technical development, bouncing of the 200 day moving average.

Shares have since traded up 28% and are now forming a flag pattern. After a sharp increase on high volume shares rested and are again climbing aggressive on strong volume. RENN was last at $4.26 on a volume of 8,918,140. Average daily volume has been at 2,635,754.

Earnings are tomorrow after the close.

52 Week Range $2.52-$4.33 Market Cap 1,615,273,207 Average Volume 2,635,754 Dividend Yield 0.00% Institutional Ownership 2.10% Insider Ownership: 0.00% Percentage of Float Short 1.60% Beta 3.53

Renren Inc is engaged in the operation of social networking internet platform, as well as provision of online advertising services and internet value-added services, including online gaming operations, online talent show and other IVAS, among others.

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