Groesbeck Investment Management Corp NJ raised its holdings in shares of Momo Inc (NASDAQ:MOMO) by 33.9% during the third quarter, HoldingsChannel.com reports. The firm owned 12,920 shares of the information services provider’s stock after acquiring an additional 3,270 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in Momo were worth $566,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the business. Aperio Group LLC lifted its position in Momo by 109.1% during the 3rd quarter. Aperio Group LLC now owns 52,165 shares of the information services provider’s stock valued at $2,285,000 after purchasing an additional 27,223 shares during the period. Bristol Advisors LLC bought a new position in shares of Momo during the 3rd quarter worth $657,000. Intercontinental Wealth Advisors LLC grew its stake in shares of Momo by 51.9% during the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 10,370 shares of the information services provider’s stock worth $454,000 after acquiring an additional 3,541 shares during the period. Essex Investment Management Co. LLC grew its stake in shares of Momo by 54.1% during the 3rd quarter. Essex Investment Management Co. LLC now owns 60,884 shares of the information services provider’s stock worth $2,667,000 after acquiring an additional 21,383 shares during the period. Finally, Andra AP fonden grew its stake in shares of Momo by 10.7% during the 3rd quarter. Andra AP fonden now owns 203,600 shares of the information services provider’s stock worth $8,918,000 after acquiring an additional 19,600 shares during the period. Institutional investors own 53.44% of the company’s stock.
Several research analysts have recently weighed in on MOMO shares. ValuEngine downgraded Momo from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. BidaskClub upgraded Momo from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. Zacks Investment Research downgraded Momo from a “buy” rating to a “hold” rating in a research note on Tuesday, August 7th. Finally, Standpoint Research upgraded Momo from a “hold” rating to a “buy” rating in a research note on Tuesday, July 31st. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Momo presently has a consensus rating of “Buy” and an average target price of $49.41.
MOMO traded down $1.41 during trading on Thursday, reaching $33.09. 276,934 shares of the company were exchanged, compared to its average volume of 4,834,862. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of 21.98, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. The company has a debt-to-equity ratio of 0.21, a quick ratio of 3.46 and a current ratio of 3.46. Momo Inc has a 12-month low of $22.49 and a 12-month high of $54.24.
Momo (NASDAQ:MOMO) last issued its quarterly earnings data on Wednesday, August 22nd. The information services provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $494.27 million for the quarter, compared to analysts’ expectations of $479.37 million. Momo had a return on equity of 37.12% and a net margin of 25.40%. The firm’s quarterly revenue was up 58.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, research analysts forecast that Momo Inc will post 2.19 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 videos, short videos, social games, and other video- and audio-based interactive experiences.
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