Nordea Investment Management AB bought a new position in Momo Inc. (NASDAQ:MOMO) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 63,301 shares of the information services provider’s stock, valued at approximately $1,984,000.

Several other hedge funds have also recently modified their holdings of the business. HighTower Advisors LLC lifted its stake in shares of Momo by 6.3% during the 2nd quarter. HighTower Advisors LLC now owns 8,605 shares of the information services provider’s stock worth $316,000 after purchasing an additional 513 shares during the last quarter. Profund Advisors LLC lifted its stake in shares of Momo by 9.6% during the 2nd quarter. Profund Advisors LLC now owns 24,268 shares of the information services provider’s stock worth $897,000 after purchasing an additional 2,134 shares during the last quarter. Rational Advisors LLC lifted its stake in shares of Momo by 108.7% during the 3rd quarter. Rational Advisors LLC now owns 4,800 shares of the information services provider’s stock worth $150,000 after purchasing an additional 2,500 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Momo during the 2nd quarter worth $101,000. Finally, Teacher Retirement System of Texas lifted its stake in shares of Momo by 40.4% during the 3rd quarter. Teacher Retirement System of Texas now owns 9,835 shares of the information services provider’s stock worth $308,000 after purchasing an additional 2,828 shares during the last quarter. Institutional investors and hedge funds own 40.60% of the company’s stock.

Momo Inc. (NASDAQ MOMO) opened at $23.80 on Friday. Momo Inc. has a 1 year low of $16.73 and a 1 year high of $46.69. The stock has a market capitalization of $4,770.00 and a PE ratio of 16.11.

Momo (NASDAQ:MOMO) last announced its earnings results on Tuesday, November 28th. The information services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.07. The company had revenue of $354.10 million for the quarter, compared to analyst estimates of $342.48 million. Momo had a return on equity of 39.60% and a net margin of 25.88%. The firm’s quarterly revenue was up 125.5% compared to the same quarter last year. research analysts predict that Momo Inc. will post 1.45 EPS for the current year.

A number of equities research analysts recently weighed in on MOMO shares. J P Morgan Chase & Co decreased their price objective on Momo to $30.00 in a research note on Wednesday, November 29th. Vetr lowered Momo from a “strong-buy” rating to a “buy” rating and set a $42.25 target price on the stock. in a research report on Monday, September 4th. Goldman Sachs Group began coverage on Momo in a research report on Wednesday, August 30th. They set a “buy” rating and a $56.00 target price on the stock. Standpoint Research began coverage on Momo in a research report on Wednesday, August 30th. They set a “buy” rating and a $44.00 target price on the stock. Finally, Jefferies Group reaffirmed a “buy” rating and set a $54.00 target price on shares of Momo in a research report on Wednesday, August 16th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $41.23.

WARNING: This news story was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this news story on another publication, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this news story can be read at https://www.thecerbatgem.com/2017/12/08/nordea-investment-management-ab-buys-shares-of-63301-momo-inc-momo.html.

About Momo

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.

Want to see what other hedge funds are holding MOMO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Momo Inc. (NASDAQ:MOMO).

Institutional Ownership by Quarter for Momo (NASDAQ:MOMO)

Receive News & Stock Ratings for Momo Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Momo Inc. and related stocks with our FREE daily email newsletter.