Reading International (NASDAQ:RDI) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Reading International, Inc. (NASDAQ:RDI)’s share price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.51 and traded as low as $1.24. Reading International shares last traded at $1.25, with a volume of 153,055 shares.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on Reading International in a research note on Saturday. They issued a “sell” rating for the company.

Reading International Stock Performance

The stock has a market capitalization of $28.03 million, a price-to-earnings ratio of -0.66 and a beta of 1.60. The company has a debt-to-equity ratio of 35.04, a current ratio of 0.17 and a quick ratio of 0.17. The stock has a 50-day moving average of $1.44 and a 200 day moving average of $1.51.

Institutional Trading of Reading International

A hedge fund recently raised its stake in Reading International stock. Wittenberg Investment Management Inc. lifted its position in shares of Reading International, Inc. (NASDAQ:RDI) by 1.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,558,791 shares of the company’s stock after buying an additional 21,483 shares during the period. Reading International comprises about 0.8% of Wittenberg Investment Management Inc.’s investment portfolio, making the stock its 21st largest holding. Wittenberg Investment Management Inc. owned 6.95% of Reading International worth $2,541,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 44.70% of the company’s stock.

Reading International Company Profile

Reading International, Inc, together with its subsidiaries, focuses on the ownership, development, and operation of entertainment and real property assets in the United States, Australia, and New Zealand. The company operates in two segments, Cinema Exhibition and Real Estate. The Cinema Exhibition segment operates multiplex cinemas.