500.com bounces after catching upgrade, denying media reports

Deutsche has upgraded 500.com (WBAI +5.9%) to Hold a day after shares fell 15% in the wake of the company's Q1 report amid a broader selloff in high-beta tech stocks.

Separately, 500.com is denying media reports stating the company lacks the needed government approvals to run a Chinese online sports lottery service.

The company beat Q1 estimates yesterday on the back of a 95.4% Y/Y increase in total purchases to $169.7M, and a 101.6% increase in service fees to $18M. Active users rose 28% Q/Q to 1.14M.

500.com expects Q2 total purchases to be in a range of $214M-$222M, up 26%-31% Q/Q and 90%-97% Y/Y.

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