Yandex Shares Reach New 52-week Low — Billions in Losses for U.S. Investors
NEW YORK – October 25, 2018
For Yandex NV (NASDAQ: YNDX) institutional holders, which are mostly US investment management firms and hedge funds like Wellington Management Company (Boston, MA), Fidelity Investments Inc. (Boston, MA), Capital Research Global Investors (Los Angeles, Ca), this week is delivering bad news about the Russian tech giant’s stock.
On October 24, shares of Yandex NV generated a change of -3.62% and closed at $25.81, showing billions of losses since last Thursday, when it all started.
Monday showed another 2% drop in the Russian Tech giant share price. Since September, Yandex shares have gone down almost 20%.
Yandex NV institutional ownership is held at 85.4% and has 353.08M shares outstanding with 3.57% insider ownership.
Week by week execution for YNDX stock is esteemed at -28.07%, bringing about a performance for the month at -22.84%. The year-to-date (YTD) execution mirrored at -21.19%. Over the previous 3 months, the stock performed at -30.93%, conveying a six-month performance of ¡21.14%.
U.S. investors are concerned over the news that Russian state-controlled bank Sberbank is angling to take control of Yandex. The two parties have a long history of collaboration. Most recently, that history grew to include the formation of the former's Yandex.Market joint venture this past April in which both companies invested an equal $500 million.
On Wednesday, Sberbank and Yandex launched the online marketplace Beru after 5 months of testing. State-controlled banking giant Sberbank PJSC is funding the construction of warehouses and adding credibility from its name to Beru, or “I’ll take it” in Russian. Beru will offer almost 100,000 different products, focusing first on big-volume goods that don’t spoil like pet products, diapers, electronics and home appliances.
Sberbank serves half the Russian population and its $61 billion market value puts it among the three most valuable Russian companies and is a powerful ally of Yandex.