Why Renren Stock Fell 11.7% in November
Renren (NYSE: RENN) lost 11.7% of its value in November, according to data from S&P Global Market Intelligence. After gaining nearly 50% from Sep. 1 to Nov. 1, momentum sputtered out and shares lost ground. However, even after sell-offs in November and December, the stock is still up roughly 23% over the last three months.
Image source: Yahoo Finance.
Prior to early November, Renren shares had been climbing on news that the company was progressing with plans to spin off its investment holdings into a separate equity and offer qualified shareholders a chance to exchange Renren stock for the new security.
Source: Fool.com
