Quantitative Systematic Strategies LLC purchased a new position in Momo Inc. (NASDAQ:MOMO) during the second quarter, Holdings Channel reports. The fund purchased 67,648 shares of the company’s stock, valued at approximately $689,000.
Other hedge funds also recently modified their holdings of the company. NINE MASTS CAPITAL Ltd boosted 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 last quarter. Kassirer Asset Management Corp bought a new stake in shares of Momo during the second quarter worth approximately $607,000. Pacad Investment Ltd. bought a new stake in shares of Momo during the first quarter worth approximately $423,000. Bank of Montreal Can bought a new stake in shares of Momo during the second quarter worth approximately $133,000. Finally, State Street Corp boosted its stake in shares of Momo by 41.3% in the first quarter. State Street Corp now owns 36,157 shares of the company’s stock worth $406,000 after buying an additional 10,577 shares during the last quarter. Institutional investors and hedge funds own 10.36% of the company’s stock.
Momo Inc. (NASDAQ:MOMO) traded down 0.78% during trading on Thursday, hitting $24.10. The stock had a trading volume of 4,257,834 shares. Momo Inc. has a 52-week low of $6.72 and a 52-week high of $26.65. The firm’s 50-day moving average price is $23.32 and its 200-day moving average price is $15.93. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 172.14 and a beta of 2.24.
Momo (NASDAQ:MOMO) last issued its quarterly earnings results on Tuesday, August 16th. The company reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.08 by $0.04. Momo had a return on equity of 5.81% and a net margin of 12.23%. The company earned $99 million during the quarter, compared to analysts’ expectations of $30.70 million. Analysts predict that Momo Inc. will post $0.47 EPS for the current fiscal year.
A number of analysts have commented on MOMO shares. Morgan Stanley upgraded Momo from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $12.70 to $28.00 in a research report on Tuesday, September 6th. JPMorgan Chase & Co. assumed coverage on Momo in a research note on Wednesday, August 31st. They issued an “overweight” rating for the company. Credit Suisse Group AG assumed coverage on Momo in a research note on Wednesday, September 14th. They issued an “outperform” rating and a $29.00 price objective for the company. Finally, 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 note on Thursday, September 8th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Momo has an average rating of “Buy” and a consensus price target 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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