Panagora Asset Management Inc. reduced its stake in Momo Inc (NASDAQ:MOMO) by 34.5% during the second quarter, Holdings Channel.com reports. The fund owned 17,641 shares of the information services provider’s stock after selling 9,276 shares during the quarter. Panagora Asset Management Inc.’s holdings in Momo were worth $632,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of MOMO. Financial Gravity Wealth Inc. bought a new position in Momo in the 1st quarter worth about $25,000. Quadrant Capital Group LLC grew its stake in Momo by 21.5% in the 1st quarter. Quadrant Capital Group LLC now owns 1,694 shares of the information services provider’s stock worth $64,000 after acquiring an additional 300 shares in the last quarter. Advisors Asset Management Inc. grew its stake in Momo by 55.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,014 shares of the information services provider’s stock worth $77,000 after acquiring an additional 720 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Momo by 242.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 3,830 shares of the information services provider’s stock worth $146,000 after acquiring an additional 2,710 shares in the last quarter. Finally, NumerixS Investment Technologies Inc grew its stake in Momo by 44.8% in the 1st quarter. NumerixS Investment Technologies Inc now owns 4,200 shares of the information services provider’s stock worth $158,000 after acquiring an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 59.50% of the company’s stock.
Shares of NASDAQ MOMO traded down $1.28 during midday trading on Friday, reaching $31.61. 102,750 shares of the company’s stock traded hands, compared to its average volume of 2,266,213. The company has a quick ratio of 4.24, a current ratio of 4.24 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $33.44 and its 200-day simple moving average is $33.49. Momo Inc has a one year low of $22.85 and a one year high of $49.38. The company has a market cap of $6.38 billion, a price-to-earnings ratio of 16.13 and a beta of 2.29.
Momo (NASDAQ:MOMO) last released its quarterly earnings data on Tuesday, May 28th. The information services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.18. Momo had a net margin of 15.96% and a return on equity of 23.10%. The firm had revenue of $554.73 million for the quarter, compared to the consensus estimate of $531.78 million. During the same period last year, the firm earned $0.69 earnings per share. The company’s quarterly revenue was up 27.5% on a year-over-year basis. Equities analysts predict that Momo Inc will post 1.68 EPS for the current fiscal year.
MOMO has been the topic of a number of research analyst reports. ValuEngine upgraded shares of Momo from a “sell” rating to a “hold” rating in a research note on Tuesday, June 18th. Zacks Investment Research upgraded shares of Momo from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 24th. Jefferies Financial Group initiated coverage on shares of Momo in a research note on Monday, August 5th. They issued a “buy” rating and a $40.40 target price on the stock. Citigroup upgraded shares of Momo from a “neutral” rating to a “buy” rating and upped their target price for the stock from $34.00 to $40.00 in a research note on Tuesday, May 28th. Finally, BidaskClub upgraded shares of Momo from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $39.91.
Momo Inc operates a mobile-based social and entertainment platform in the People's Republic of China. The company operates Momo platform that includes its Momo mobile application and various related features, functionalities, tools, and services to users, customers, and platform partners. It offers Momo mobile application that enables users to establish and expand their social relationships based on locations; interests; and recreational activities, including live talent shows, short videos, social games, and other video- and audio-based interactive experiences.
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