KEYWISE CAPITAL MANAGEMENT Ltd purchased a new position in shares of Momo Inc. (NASDAQ:MOMO) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 11,300 shares of the information services provider’s stock, valued at approximately $418,000. Momo accounts for approximately 0.2% of KEYWISE CAPITAL MANAGEMENT Ltd’s investment portfolio, making the stock its 18th largest position.
A number of other institutional investors have also made changes to their positions in MOMO. Penserra Capital Management LLC increased its position in shares of Momo by 77.8% in the first quarter. Penserra Capital Management LLC now owns 68,579 shares of the information services provider’s stock worth $2,336,000 after buying an additional 30,000 shares during the period. JPMorgan Chase & Co. increased its position in shares of Momo by 359,875.4% in the first quarter. JPMorgan Chase & Co. now owns 2,062,659 shares of the information services provider’s stock worth $70,276,000 after buying an additional 2,062,086 shares during the period. Myriad Asset Management Ltd. acquired a new position in shares of Momo during the first quarter worth about $5,962,000. Ariose Capital Management Ltd acquired a new position in shares of Momo during the first quarter worth about $15,625,000. Finally, Westpac Banking Corp acquired a new position in shares of Momo during the first quarter worth about $45,706,000. 43.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Momo Inc. (NASDAQ MOMO) opened at 43.82 on Friday. Momo Inc. has a 1-year low of $15.72 and a 1-year high of $46.69.
Momo (NASDAQ:MOMO) last released its quarterly earnings data on Tuesday, May 23rd. The information services provider reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.12. Momo had a return on equity of 36.36% and a net margin of 28.59%. The business had revenue of $265.20 million during the quarter, compared to analyst estimates of $245.48 million. The business’s quarterly revenue was up 421.0% compared to the same quarter last year. Analysts expect that Momo Inc. will post $1.57 EPS for the current fiscal year.
A number of equities analysts recently issued reports on MOMO shares. Vetr raised Momo from a “hold” rating to a “buy” rating and set a $46.24 price target for the company in a report on Monday, May 22nd. Deutsche Bank AG raised Momo from a “hold” rating to a “buy” rating and upped their price target for the company from $30.00 to $52.00 in a report on Wednesday, May 24th. J P Morgan Chase & Co downgraded Momo from an “overweight” rating to a “neutral” rating and set a $44.00 price objective for the company. in a report on Wednesday, May 24th. BOCOM International Holdings initiated coverage on Momo in a report on Monday, May 8th. They issued a “buy” rating and a $46.00 price objective for the company. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $52.00 price objective (up from $42.00) on shares of Momo in a report on Wednesday, May 24th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $39.95.
Momo Company Profile
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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