Credit Suisse AG lowered its position in Momo Inc. (NASDAQ:MOMO) by 56.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,402 shares of the information services provider’s stock after selling 245,649 shares during the period. Credit Suisse AG owned 0.10% of Momo worth $6,555,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. First Trust Advisors LP increased its stake in Momo by 35.8% in the first quarter. First Trust Advisors LP now owns 63,832 shares of the information services provider’s stock worth $2,175,000 after buying an additional 16,842 shares in the last quarter. Wells Fargo & Company MN increased its stake in Momo by 4,945.2% in the first quarter. Wells Fargo & Company MN now owns 1,050,973 shares of the information services provider’s stock worth $35,807,000 after buying an additional 1,030,142 shares in the last quarter. Tiger Pacific Capital LP purchased a new stake in Momo during the first quarter worth about $7,961,000. Acadian Asset Management LLC increased its stake in Momo by 90.9% in the first quarter. Acadian Asset Management LLC now owns 1,998,975 shares of the information services provider’s stock worth $68,104,000 after buying an additional 951,839 shares in the last quarter. Finally, Profund Advisors LLC purchased a new stake in Momo during the first quarter worth about $754,000. Institutional investors and hedge funds own 40.33% of the company’s stock.
Momo Inc. (MOMO) opened at 42.00 on Thursday. Momo Inc. has a 12 month low of $12.89 and a 12 month high of $45.95.
Momo (NASDAQ:MOMO) last announced its earnings results on Tuesday, May 23rd. The information services provider reported $0.40 EPS for the quarter, topping 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 company had revenue of $265.20 million for the quarter, compared to analysts’ expectations of $245.48 million. Momo’s quarterly revenue was up 421.0% on a year-over-year basis. Equities research analysts expect that Momo Inc. will post $1.57 earnings per share for the current fiscal year.
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A number of research firms have issued reports on MOMO. Vetr downgraded Momo from a “buy” rating to a “hold” rating and set a $44.67 target price for the company. in a research report on Wednesday, May 17th. BidaskClub raised Momo from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. J P Morgan Chase & Co downgraded Momo from an “overweight” rating to a “neutral” rating and set a $44.00 target price for the company. in a research report on Wednesday, May 24th. Deutsche Bank AG raised Momo from a “hold” rating to a “buy” rating and raised their target price for the stock from $30.00 to $52.00 in a research report on Wednesday, May 24th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $52.00 target price (up from $42.00) on shares of Momo in a research report on Wednesday, May 24th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Momo has a consensus rating of “Buy” and a consensus target price 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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