Credit Suisse Group AG initiated coverage on shares of Momo Inc (NASDAQ:MOMO) in a research note released on Wednesday. The brokerage issued an outperform rating and a $29.00 price target on the stock.

A number of other brokerages also recently issued reports on MOMO. Morgan Stanley upgraded shares of Momo from an underweight rating to an equal weight rating and lifted their price target for the company from $12.70 to $28.00 in a report on Tuesday, September 6th. Zacks Investment Research upgraded shares of Momo from a hold rating to a buy rating and set a $27.00 price target on the stock in a report on Thursday, September 8th. Finally, JPMorgan Chase & Co. began coverage on shares of Momo in a report on Wednesday, August 31st. They issued an overweight rating on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $28.00.

Momo (NASDAQ:MOMO) opened at 23.49 on Wednesday. The company has a market capitalization of $4.45 billion, a P/E ratio of 167.79 and a beta of 2.05. The company has a 50-day moving average of $19.41 and a 200-day moving average of $14.70. Momo has a 1-year low of $6.72 and a 1-year high of $25.62.

Momo (NASDAQ:MOMO) last announced its quarterly earnings results on Tuesday, August 16th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The company earned $99 million during the quarter, compared to the consensus estimate of $30.70 million. Equities analysts expect that Momo will post $0.47 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of MOMO. First Manhattan Co. boosted its position in shares of Momo by 113.8% in the first quarter. First Manhattan Co. now owns 2,267,098 shares of the company’s stock worth $25,482,000 after buying an additional 1,206,873 shares during the last quarter. Barclays PLC acquired a new position in shares of Momo during the second quarter worth approximately $4,044,000. Public Sector Pension Investment Board acquired a new position in shares of Momo during the second quarter worth approximately $2,780,000. NINE MASTS CAPITAL Ltd boosted its position in shares of Momo by 203.8% in the first quarter. NINE MASTS CAPITAL Ltd now owns 252,500 shares of the company’s stock worth $2,838,000 after buying an additional 169,392 shares during the last quarter. Finally, Veritas Asset Management LLP acquired a new position in shares of Momo during the second quarter worth approximately $2,275,000.

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.

5 Day Chart for NASDAQ:MOMO

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