Momo Inc (NASDAQ:MOMO) dropped 3.5% during mid-day trading on Wednesday . The stock traded as low as $15.50 and last traded at $15.53, with a volume of 1,319,741 shares trading hands. The stock had previously closed at $16.09.

Separately, Zacks Investment Research raised Momo from a “sell” rating to a “hold” rating in a research note on Tuesday, August 2nd.

The stock has a 50 day moving average price of $13.24 and a 200 day moving average price of $12.83. The firm has a market capitalization of $2.77 billion and a PE ratio of 259.67.

Momo (NASDAQ:MOMO) last announced its quarterly earnings results on Tuesday, August 16th. The company reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.04. The business earned $99 million during the quarter, compared to analysts’ expectations of $30.70 million. On average, equities research analysts anticipate that Momo Inc will post $0.25 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Momo stock. Morgan Stanley raised its stake in shares of Momo Inc (NASDAQ:MOMO) by 33.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,425,728 shares of the company’s stock after buying an additional 603,103 shares during the period. Morgan Stanley owned about 1.38% of Momo worth $38,859,000 as of its most recent filing with the SEC.

Momo Inc is a holding company. The Company operates Momo, a mobile-based social networking platform. The Company enables users to establish social relationships based on location and interests. Its 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.

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