33,500 Shares in Momo Inc. (MOMO) Acquired by Korea Investment CORP
Korea Investment CORP acquired a new stake in Momo Inc. (NASDAQ:MOMO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 33,500 shares of the information services provider’s stock, valued at approximately $1,238,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Morgan Stanley boosted its position in shares of Momo by 818.0% in the first quarter. Morgan Stanley now owns 11,834,761 shares of the information services provider’s stock valued at $403,211,000 after buying an additional 10,545,573 shares during the period. Laurion Capital Management LP bought a new position in shares of Momo during the first quarter valued at approximately $132,531,000. OZ Management LP bought a new position in shares of Momo during the first quarter valued at approximately $101,658,000. Tairen Capital Ltd boosted its position in shares of Momo by 194.7% in the first quarter. Tairen Capital Ltd now owns 3,663,687 shares of the information services provider’s stock valued at $124,822,000 after buying an additional 2,420,520 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of 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 valued at $157,624,000 after buying an additional 2,265,665 shares during the period. 43.47% of the stock is owned by institutional investors.
Shares of Momo Inc. (NASDAQ:MOMO) opened at 44.23 on Wednesday. Momo Inc. has a 1-year low of $14.88 and a 1-year high of $46.69.
Momo (NASDAQ:MOMO) last announced its earnings results on Tuesday, May 23rd. The information services provider reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.12. Momo had a return on equity of 36.36% and a net margin of 28.59%. The firm had revenue of $265.20 million for the quarter, compared to the consensus estimate of $245.48 million. The business’s revenue was up 421.0% compared to the same quarter last year. Equities analysts forecast that Momo Inc. will post $1.57 earnings per share for the current fiscal year.
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Several research analysts recently commented on MOMO shares. Deutsche Bank AG raised Momo from a “hold” rating to a “buy” rating and increased their price target for the company from $30.00 to $52.00 in a research report on Wednesday, May 24th. Vetr raised Momo from a “buy” rating to a “strong-buy” rating and set a $42.83 price target for the company in a research report on Wednesday, May 10th. J P Morgan Chase & Co cut Momo from an “overweight” rating to a “neutral” rating and set a $44.00 price target for the company. in a research report on Wednesday, May 24th. BOCOM International Holdings started coverage on Momo in a research report on Monday, May 8th. They set a “buy” rating and a $46.00 price target for the company. Finally, Zacks Investment Research cut Momo from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 10th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company 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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