Pioneer Investment Management Inc. Sells 41,868 Shares of Momo Inc. (NASDAQ:MOMO)
Pioneer Investment Management Inc. lowered its stake in Momo Inc. (NASDAQ:MOMO) by 28.4% during the second quarter, Holdings Channel reports. The institutional investor owned 105,359 shares of the information services provider’s stock after selling 41,868 shares during the period. Pioneer Investment Management Inc.’s holdings in Momo were worth $3,894,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in MOMO. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Momo during the second quarter worth about $155,000. Quantitative Systematic Strategies LLC purchased a new position in shares of Momo during the first quarter worth about $201,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Momo during the first quarter worth about $219,000. GRATRY & Co LLC purchased a new position in shares of Momo during the first quarter worth about $274,000. Finally, HighTower Advisors LLC purchased a new position in shares of Momo during the first quarter worth about $276,000. 43.47% of the stock is currently owned by institutional investors.
Shares of Momo Inc. (NASDAQ MOMO) opened at 44.57 on Tuesday. Momo Inc. has a 12 month low of $14.88 and a 12 month high of $46.69.
Momo (NASDAQ:MOMO) last posted its earnings results on Tuesday, May 23rd. The information services provider reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.12. The business had revenue of $265.20 million for the quarter, compared to analyst estimates of $245.48 million. Momo had a net margin of 28.59% and a return on equity of 36.36%. The business’s revenue for the quarter was up 421.0% compared to the same quarter last year. On average, equities research analysts anticipate that Momo Inc. will post $1.57 earnings per share for the current year.
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A number of research analysts recently issued reports on the stock. TheStreet raised shares of Momo from a “c+” rating to a “b” rating in a research note on Monday, August 7th. Zacks Investment Research cut shares of Momo from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Jefferies Group LLC reissued a “buy” rating and issued a $52.00 price objective on shares of Momo in a research note on Tuesday, June 13th. Vetr cut shares of Momo from a “strong-buy” rating to a “buy” rating and set a $42.83 price objective on the stock. in a research note on Monday, April 24th. Finally, Benchmark Co. assumed coverage on shares of Momo in a research note on Tuesday, April 18th. 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $39.95.
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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