ClariVest Asset Management LLC Buys 18,304 Shares of Momo Inc. (MOMO)
ClariVest Asset Management LLC increased its stake in Momo Inc. (NASDAQ:MOMO) by 15.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,856 shares of the information services provider’s stock after buying an additional 18,304 shares during the period. ClariVest Asset Management LLC’s holdings in Momo were worth $5,020,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Momo during the second quarter valued at $155,000. Quantitative Systematic Strategies LLC acquired a new position in shares of Momo during the first quarter valued at $201,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Momo during the first quarter valued at $219,000. Teacher Retirement System of Texas acquired a new position in shares of Momo during the second quarter valued at $259,000. Finally, GRATRY & Co LLC acquired a new position in shares of Momo during the first quarter valued at $274,000. 43.47% of the stock is owned by hedge funds and other institutional investors.
Shares of Momo Inc. (MOMO) opened at 44.57 on Tuesday. Momo Inc. has a 1-year low of $14.88 and a 1-year high of $46.69.
Momo (NASDAQ:MOMO) last posted its quarterly earnings results on Tuesday, May 23rd. The information services provider reported $0.40 earnings per share for the quarter, beating 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. The firm’s quarterly revenue was up 421.0% on a year-over-year basis. On average, equities research analysts expect that Momo Inc. will post $1.57 earnings per share for the current fiscal year.
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MOMO has been the topic of several research analyst reports. Deutsche Bank AG upgraded Momo from a “hold” rating to a “buy” rating and boosted their target price for the stock from $30.00 to $52.00 in a research note on Wednesday, May 24th. Vetr upgraded Momo from a “buy” rating to a “strong-buy” rating and set a $42.83 target price on the stock in a research note on Wednesday, May 10th. J P Morgan Chase & Co downgraded Momo from an “overweight” rating to a “neutral” rating and set a $44.00 target price on the stock. in a research note on Wednesday, May 24th. BOCOM International Holdings initiated coverage on Momo in a research note on Monday, May 8th. They set a “buy” rating and a $46.00 target price on the stock. Finally, Zacks Investment Research downgraded Momo from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Two investment 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 stock. The company has a consensus rating of “Buy” and a consensus target price of $39.95.
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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