Web.com (NASDAQ:WWWW) Stock Hit by Citigroup Downgrade

WWWW stock hit by Citigroup downgrade (source: google.com)

A downgrade of  domain name registrar Web.com (NASDAQ: WWWW) to neutral by Citigroup hit the stock hard this morning. The registrar and web services provider provides domain name registration services through Web.com, NetworkSolutions.com and Register.com. As of yesterday's close, the stock had risen 60% from a late-January low of $14.52, but shares have remained far below a 52-week high of $34.79.

See also: Domain Name Registrar Network Solutions Settles FTC Charges

More info: Web.com Group Stock Rating Lowered by Citigroup Inc. (WWWW) and 

UPDATE: Citi Cuts Web.com To Hold, No Justification For Premium Multiple - Tech Trader Daily - Barrons.com: from the Citigroup note: "Through the next few quarters better renewals in the core .COM/.NET domain business from TTM should help, but we worry that weaker recent domain trends coupled with a growing gTLD renewal base that came in via promotional pricing could reverse momentum."

UPDATE: see also New gTLD XYZ Domain Name Registrations Net LOSS Now 114935

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