First Trust Advisors LP increased its stake in shares of Momo Inc. (NASDAQ:MOMO) by 13.4% during the second quarter, Holdings Channel reports. The firm owned 92,639 shares of the company’s stock after buying an additional 10,934 shares during the period. First Trust Advisors LP owned about 0.05% of Momo worth $937,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently modified their holdings of MOMO. NINE MASTS CAPITAL Ltd raised its stake in shares of Momo by 203.8% in the first quarter. NINE MASTS CAPITAL Ltd now owns 252,500 shares of the company’s stock worth $2,838,000 after buying an additional 169,392 shares during the period. Veritas Asset Management LLP acquired a new stake in shares of Momo during the second quarter worth about $2,275,000. Tairen Capital Ltd raised its stake in shares of Momo by 488.0% in the first quarter. Tairen Capital Ltd now owns 88,200 shares of the company’s stock worth $991,000 after buying an additional 73,200 shares during the period. Quantitative Systematic Strategies LLC acquired a new stake in shares of Momo during the second quarter worth about $689,000. Finally, BlackRock Fund Advisors raised its stake in shares of Momo by 9.5% in the first quarter. BlackRock Fund Advisors now owns 60,379 shares of the company’s stock worth $679,000 after buying an additional 5,236 shares during the period. Hedge funds and other institutional investors own 10.36% of the company’s stock.
Shares of Momo Inc. (NASDAQ:MOMO) traded down 1.69% during trading on Thursday, hitting $24.43. The stock had a trading volume of 2,352,094 shares. The stock’s 50-day moving average price is $22.24 and its 200-day moving average price is $15.58. Momo Inc. has a one year low of $6.72 and a one year high of $26.24. The company has a market cap of $4.63 billion, a P/E ratio of 174.50 and a beta of 2.24.
Momo (NASDAQ:MOMO) last issued its quarterly earnings results on Tuesday, August 16th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Momo had a return on equity of 5.81% and a net margin of 12.23%. The firm had revenue of $99 million for the quarter, compared to analyst estimates of $30.70 million. On average, equities research analysts forecast that Momo Inc. will post $0.47 EPS for the current fiscal year.
A number of analysts have issued reports on the stock. Credit Suisse Group AG assumed coverage on shares of Momo in a research note on Wednesday, September 14th. They set an “outperform” rating and a $29.00 price target on the stock. Zacks Investment Research raised Momo from a “hold” rating to a “buy” rating and set a $27.00 price objective for the company in a research report on Thursday, September 8th. Morgan Stanley raised Momo from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $12.70 to $28.00 in a research report on Tuesday, September 6th. Finally, JPMorgan Chase & Co. began coverage on Momo in a research report on Wednesday, August 31st. They set an “overweight” rating for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $28.00.
Momo Inc is a holding company. The Company operates Momo, a mobile-based social networking platform. The Company’s Momo platform includes its Momo mobile application and a range of related features, functionalities, tools and services that it provides to users, customers and platform partners. Momo users can maintain their relationships through its private and group communication tools, content creation and sharing functions, as well as the offline social activities promoted on its platform.
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