Momo Inc. (NASDAQ:MOMO) was the target of a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 1,612,083 shares, a drop of 45.1% from the September 15th total of 2,938,267 shares. Approximately 1.1% of the shares of the stock are sold short. Based on an average trading volume of 2,474,743 shares, the days-to-cover ratio is currently 0.7 days.

A number of hedge funds have recently added to or reduced their stakes in MOMO. Pacad Investment Ltd. increased its stake in Momo by 2.0% in the second quarter. Pacad Investment Ltd. now owns 38,350 shares of the company’s stock worth $388,000 after buying an additional 750 shares during the last quarter. SG Americas Securities LLC increased its stake in Momo by 5.8% in the second quarter. SG Americas Securities LLC now owns 22,134 shares of the company’s stock worth $224,000 after buying an additional 1,205 shares during the last quarter. Geode Capital Management LLC increased its stake in Momo by 24.4% in the first quarter. Geode Capital Management LLC now owns 18,305 shares of the company’s stock worth $205,000 after buying an additional 3,592 shares during the last quarter. Guggenheim Capital LLC increased its stake in Momo by 17.9% in the second quarter. Guggenheim Capital LLC now owns 24,315 shares of the company’s stock worth $246,000 after buying an additional 3,696 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in Momo by 80.4% in the second quarter. Public Employees Retirement System of Ohio now owns 10,100 shares of the company’s stock worth $102,000 after buying an additional 4,500 shares during the last quarter. Institutional investors own 10.36% of the company’s stock.

Shares of Momo (NASDAQ:MOMO) opened at 23.50 on Friday. Momo has a 52 week low of $6.72 and a 52 week high of $26.65. The company has a market capitalization of $4.45 billion, a PE ratio of 167.86 and a beta of 2.24. The firm’s 50-day moving average price is $23.55 and its 200 day moving average price is $16.13.

Momo (NASDAQ:MOMO) last released its quarterly earnings data on Tuesday, August 16th. The company reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.04. The company earned $99 million during the quarter, compared to the consensus estimate of $30.70 million. Momo had a net margin of 12.23% and a return on equity of 5.81%. Equities analysts predict that Momo will post $0.47 EPS for the current year.

MOMO has been the topic of a number of recent analyst reports. Morgan Stanley raised Momo from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $12.70 to $28.00 in a report on Tuesday, September 6th. JPMorgan Chase & Co. initiated coverage on Momo in a report on Wednesday, August 31st. They issued an “overweight” rating on the stock. Credit Suisse Group AG initiated coverage on Momo in a report on Wednesday, September 14th. They issued an “outperform” rating and a $29.00 target price on the stock. Finally, Zacks Investment Research raised Momo from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Thursday, September 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $28.00.

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.

5 Day Chart for NASDAQ:MOMO

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