Shares of Momo Inc (NASDAQ:MOMO) shot up 6.3% during mid-day trading on Monday . The company traded as high as $16.08 and last traded at $15.94, with a volume of 2,386,720 shares traded. The stock had previously closed at $15.00.

Separately, Zacks Investment Research downgraded Momo from a “buy” rating to a “hold” rating in a research report on Tuesday, May 31st.

The company has a market capitalization of $2.86 billion and a PE ratio of 268.83. The company has a 50-day moving average price of $12.77 and a 200-day moving average price of $12.74.

Momo (NASDAQ:MOMO) last issued its quarterly earnings results on Tuesday, May 17th. The company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. On average, equities research analysts anticipate that Momo Inc will post $0.25 EPS for the current fiscal year.

An institutional investor recently raised its position in Momo stock. Morgan Stanley increased its position in Momo Inc (NASDAQ:MOMO) by 33.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor 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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