Pendal Group Ltd grew its position in Momo Inc (NASDAQ:MOMO) by 1.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 8,661,812 shares of the information services provider’s stock after buying an additional 106,804 shares during the period. Momo makes up about 4.2% of Pendal Group Ltd’s investment portfolio, making the stock its 6th largest holding. Pendal Group Ltd’s holdings in Momo were worth $300,180,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of MOMO. Financial Gravity Wealth Inc. purchased a new position in shares of Momo during the first quarter valued at approximately $25,000. Quadrant Capital Group LLC grew its position in Momo by 21.5% during the first quarter. Quadrant Capital Group LLC now owns 1,694 shares of the information services provider’s stock valued at $64,000 after buying an additional 300 shares during the period. Advisors Asset Management Inc. grew its position in Momo by 55.6% during the first quarter. Advisors Asset Management Inc. now owns 2,014 shares of the information services provider’s stock valued at $77,000 after buying an additional 720 shares during the period. Daiwa Securities Group Inc. grew its position in Momo by 242.0% during the first quarter. Daiwa Securities Group Inc. now owns 3,830 shares of the information services provider’s stock valued at $146,000 after buying an additional 2,710 shares during the period. Finally, NumerixS Investment Technologies Inc grew its position in Momo by 44.8% during the first quarter. NumerixS Investment Technologies Inc now owns 4,200 shares of the information services provider’s stock valued at $158,000 after buying an additional 1,300 shares during the period. 58.69% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on MOMO. Citigroup upgraded shares of Momo from a “neutral” rating to a “buy” rating and boosted their target price for the company from $34.00 to $40.00 in a research report on Tuesday, May 28th. Jefferies Financial Group began coverage on shares of Momo in a research report on Monday, August 5th. They set a “buy” rating and a $40.40 target price for the company. ValuEngine upgraded shares of Momo from a “sell” rating to a “hold” rating in a research report on Tuesday, June 18th. Zacks Investment Research upgraded shares of Momo from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, BidaskClub lowered shares of Momo from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $39.91.
Shares of MOMO traded up $1.31 during mid-day trading on Tuesday, reaching $32.70. The stock had a trading volume of 167,262 shares, compared to its average volume of 2,339,594. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of 16.79 and a beta of 2.29. Momo Inc has a 12 month low of $22.85 and a 12 month high of $49.38. The business’s fifty day moving average price is $33.94. The company has a debt-to-equity ratio of 0.46, a quick ratio of 4.24 and a current ratio of 4.24.
Momo (NASDAQ:MOMO) last posted its quarterly earnings results on Tuesday, May 28th. The information services provider reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.18. The business had revenue of $554.73 million during the quarter, compared to analyst estimates of $531.78 million. Momo had a net margin of 15.96% and a return on equity of 23.10%. The company’s revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. As a group, equities analysts anticipate that Momo Inc will post 1.68 earnings per share for the current fiscal year.
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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