112,852 Shares in Momo Inc. (MOMO) Acquired by Bank of New York Mellon Corp
Bank of New York Mellon Corp purchased a new position in Momo Inc. (NASDAQ:MOMO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 112,852 shares of the information services provider’s stock, valued at approximately $4,171,000.
Several other institutional investors also recently bought and sold shares of MOMO. Morgan Stanley grew its stake in shares of Momo by 818.0% in the 1st quarter. Morgan Stanley now owns 11,834,761 shares of the information services provider’s stock worth $403,211,000 after buying an additional 10,545,573 shares during the last quarter. OZ Management LP bought a new position in Momo in the 1st quarter valued at approximately $101,658,000. Tairen Capital Ltd lifted its position in Momo by 194.7% in the 1st quarter. Tairen Capital Ltd now owns 3,663,687 shares of the information services provider’s stock valued at $124,822,000 after acquiring an additional 2,420,520 shares in the last quarter. Acadian Asset Management LLC lifted its position in Momo by 113.3% in the 2nd quarter. Acadian Asset Management LLC now owns 4,264,640 shares of the information services provider’s stock valued at $157,624,000 after acquiring an additional 2,265,665 shares in the last quarter. Finally, Jericho Capital Asset Management L.P. bought a new position in Momo in the 1st quarter valued at approximately $75,310,000. Institutional investors own 39.14% of the company’s stock.
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MOMO has been the topic of several analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Momo in a research report on Tuesday, June 13th. TheStreet cut Momo from a “b-” rating to a “c+” rating in a research report on Wednesday, July 5th. BidaskClub raised Momo from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 13th. Zacks Investment Research cut Momo from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, Standpoint Research initiated coverage on Momo in a research report on Wednesday, August 30th. They issued a “buy” rating and a $44.00 price objective on the stock. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $41.81.
Momo Inc. (NASDAQ MOMO) opened at 31.97 on Friday. The stock’s 50 day moving average price is $35.83 and its 200 day moving average price is $38.43. Momo Inc. has a 12-month low of $16.73 and a 12-month high of $46.69.
Momo (NASDAQ:MOMO) last announced its quarterly earnings data on Tuesday, August 22nd. The information services provider reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.01. The firm had revenue of $312.20 million for the quarter, compared to analyst estimates of $287.84 million. Momo had a net margin of 27.00% and a return on equity of 38.94%. The firm’s revenue for the quarter was up 31120.0% compared to the same quarter last year. Analysts anticipate that Momo Inc. will post $1.67 EPS for the current year.
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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