Morgan Stanley Initiates Coverage on Momo (NASDAQ:MOMO)

Morgan Stanley assumed coverage on shares of Momo (NASDAQ:MOMO) in a research report sent to investors on Wednesday, March 28th. The firm issued a buy rating and a $51.00 target price on the information services provider’s stock.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research upgraded Momo from a hold rating to a strong-buy rating and set a $45.00 price target on the stock in a research report on Wednesday, March 28th. Vetr upgraded Momo from a buy rating to a strong-buy rating and set a $41.88 price target on the stock in a research report on Tuesday, March 27th. Bank of America raised their price objective on Momo from $42.00 to $46.00 and gave the company a buy rating in a research note on Monday, March 19th. BidaskClub raised Momo from a sell rating to a hold rating in a research note on Friday, March 9th. Finally, Deutsche Bank set a $46.00 price objective on Momo and gave the company a buy rating in a research note on Wednesday, March 7th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Momo has an average rating of Buy and a consensus target price of $43.35.

Shares of MOMO stock traded up $0.57 on Wednesday, reaching $36.33. The company’s stock had a trading volume of 3,701,019 shares, compared to its average volume of 5,330,683. Momo has a 12-month low of $22.49 and a 12-month high of $46.69. The company has a market capitalization of $7,062.10, a PE ratio of 23.75 and a beta of 1.55.

Momo (NASDAQ:MOMO) last released its quarterly earnings results on Wednesday, March 7th. The information services provider reported $0.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.11. Momo had a return on equity of 36.58% and a net margin of 24.17%. The business had revenue of $386.40 million for the quarter, compared to the consensus estimate of $381.17 million. During the same quarter last year, the business posted $0.44 earnings per share. The company’s revenue for the quarter was up 57.0% on a year-over-year basis. sell-side analysts predict that Momo will post 1.94 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Virginia Retirement Systems ET AL lifted its holdings in Momo by 5.3% in the third quarter. Virginia Retirement Systems ET AL now owns 37,900 shares of the information services provider’s stock worth $1,188,000 after buying an additional 1,900 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of Momo by 22.1% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 10,871 shares of the information services provider’s stock valued at $282,000 after purchasing an additional 1,971 shares during the last quarter. Boothbay Fund Management LLC lifted its holdings in shares of Momo by 11.4% during the third quarter. Boothbay Fund Management LLC now owns 26,000 shares of the information services provider’s stock valued at $815,000 after purchasing an additional 2,657 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of Momo by 10.7% during the fourth quarter. LPL Financial LLC now owns 27,938 shares of the information services provider’s stock valued at $684,000 after purchasing an additional 2,690 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Momo by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 139,811 shares of the information services provider’s stock valued at $3,422,000 after purchasing an additional 3,840 shares during the last quarter. 38.35% of the stock is currently owned by institutional investors.

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About Momo

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.

Analyst Recommendations for Momo (NASDAQ:MOMO)

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