Harvest Fund Management Co. Ltd lowered its position in Momo Inc. (NASDAQ:MOMO) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,379,901 shares of the information services provider’s stock after selling 78,185 shares during the quarter. Momo makes up about 7.4% of Harvest Fund Management Co. Ltd’s portfolio, making the stock its 4th biggest position. Harvest Fund Management Co. Ltd owned approximately 0.71% of Momo worth $51,001,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Morgan Stanley grew its stake in Momo by 818.0% in the first quarter. Morgan Stanley now owns 11,834,761 shares of the information services provider’s stock worth $403,211,000 after purchasing an additional 10,545,573 shares in the last quarter. Acadian Asset Management LLC grew its stake in Momo by 113.3% in the second quarter. Acadian Asset Management LLC now owns 4,264,640 shares of the information services provider’s stock worth $157,624,000 after purchasing an additional 2,265,665 shares in the last quarter. Laurion Capital Management LP bought a new position in Momo in the first quarter worth approximately $132,531,000. Tairen Capital Ltd grew its stake in Momo by 194.7% in the first quarter. Tairen Capital Ltd now owns 3,663,687 shares of the information services provider’s stock worth $124,822,000 after purchasing an additional 2,420,520 shares in the last quarter. Finally, BlackRock Inc. grew its stake in Momo by 2,664.8% in the second quarter. BlackRock Inc. now owns 3,580,416 shares of the information services provider’s stock worth $132,331,000 after purchasing an additional 3,450,915 shares in the last quarter. 39.16% of the stock is currently owned by institutional investors.
Shares of Momo Inc. (NASDAQ:MOMO) traded down 0.60% during mid-day trading on Friday, hitting $36.57. The stock had a trading volume of 4,356,581 shares. The stock’s 50-day moving average is $40.52 and its 200 day moving average is $38.16. Momo Inc. has a 12 month low of $16.73 and a 12 month high of $46.69. The firm has a market cap of $7.21 billion, a PE ratio of 28.68 and a beta of 1.94.
Momo (NASDAQ:MOMO) last posted its quarterly earnings results on Tuesday, August 22nd. The information services provider reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $312.20 million during the quarter, compared to the consensus estimate of $287.84 million. Momo had a net margin of 27.00% and a return on equity of 38.94%. The business’s revenue for the quarter was up 31120.0% on a year-over-year basis. Equities research analysts predict that Momo Inc. will post $1.67 earnings per share for the current fiscal year.
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Several brokerages recently issued reports on MOMO. Jefferies Group LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Momo in a research note on Wednesday, August 16th. Standpoint Research began coverage on Momo in a research report on Wednesday, August 30th. They set a “buy” rating and a $44.00 target price on the stock. TheStreet raised Momo from a “c+” rating to a “b” rating in a research report on Monday, August 7th. Goldman Sachs Group, Inc. (The) began coverage on Momo in a research report on Wednesday, August 30th. They set a “buy” rating and a $56.00 target price on the stock. Finally, Vetr raised Momo from a “buy” rating to a “strong-buy” rating and set a $42.17 target price on the stock in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $41.64.
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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