State of New Jersey Common Pension Fund D Buys Shares of 117,440 Momo Inc. (MOMO)
State of New Jersey Common Pension Fund D bought a new stake in Momo Inc. (NASDAQ:MOMO) during the second quarter, according to its most recent filing with the SEC. The institutional investor bought 117,440 shares of the information services provider’s stock, valued at approximately $4,341,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Momo during the first quarter valued at about $219,000. American Century Companies Inc. bought a new stake in Momo during the first quarter valued at $10,140,000. First Trust Advisors LP boosted its stake in Momo by 35.8% in the first quarter. First Trust Advisors LP now owns 63,832 shares of the information services provider’s stock valued at $2,175,000 after buying an additional 16,842 shares during the period. Wells Fargo & Company MN boosted its stake in Momo by 4,945.2% in the first quarter. Wells Fargo & Company MN now owns 1,050,973 shares of the information services provider’s stock valued at $35,807,000 after buying an additional 1,030,142 shares during the period. Finally, Tiger Pacific Capital LP bought a new stake in Momo during the first quarter valued at $7,961,000. Hedge funds and other institutional investors own 43.47% of the company’s stock.
Momo Inc. (NASDAQ:MOMO) opened at 44.57 on Tuesday. Momo Inc. has a 12 month low of $14.88 and a 12 month high of $46.69.
Momo (NASDAQ:MOMO) last announced its quarterly earnings data on Tuesday, May 23rd. The information services provider reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.12. The company had revenue of $265.20 million for the quarter, compared to the consensus estimate of $245.48 million. Momo had a return on equity of 36.36% and a net margin of 28.59%. The company’s revenue for the quarter was up 421.0% compared to the same quarter last year. On average, analysts forecast that Momo Inc. will post $1.57 earnings per share for the current fiscal year.
Several analysts recently weighed in on the stock. Zacks Investment Research cut shares of Momo from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. TheStreet upgraded shares of Momo from a “c+” rating to a “b” rating in a report on Monday, August 7th. Vetr cut shares of Momo from a “buy” rating to a “hold” rating and set a $44.67 price target on the stock. in a report on Wednesday, May 17th. BidaskClub upgraded shares of Momo from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 13th. Finally, Deutsche Bank AG upgraded shares of Momo from a “hold” rating to a “buy” rating and lifted their price target for the company from $30.00 to $52.00 in a report on Wednesday, May 24th. Two investment 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. Momo presently has an average rating of “Buy” and an average 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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