Engineers Gate Manager LP Acquires Shares of 4,600 Momo Inc (MOMO)
Engineers Gate Manager LP acquired a new stake in shares of Momo Inc (NASDAQ:MOMO) during the third quarter, HoldingsChannel.com reports. The fund acquired 4,600 shares of the information services provider’s stock, valued at approximately $201,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in MOMO. North Star Investment Management Corp. purchased a new position in shares of Momo during the 2nd quarter valued at about $135,000. OLD National Bancorp IN purchased a new position in shares of Momo during the 3rd quarter valued at about $201,000. Liberty Mutual Group Asset Management Inc. purchased a new position in shares of Momo during the 2nd quarter valued at about $213,000. Teacher Retirement System of Texas purchased a new position in shares of Momo during the 2nd quarter valued at about $242,000. Finally, Financial Counselors Inc. purchased a new position in shares of Momo during the 2nd quarter valued at about $249,000. 53.23% of the stock is currently owned by institutional investors.
MOMO has been the topic of several recent research reports. ValuEngine upgraded Momo from a “hold” rating to a “buy” rating in a research report on Friday, September 14th. Standpoint Research upgraded Momo from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. BidaskClub lowered Momo from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Zacks Investment Research lowered Momo from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, 86 Research upgraded Momo from a “hold” rating to a “buy” rating in a research report on Friday, November 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $49.41.
Momo (NASDAQ:MOMO) last posted its quarterly earnings results on Wednesday, August 22nd. The information services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. Momo had a return on equity of 37.12% and a net margin of 25.40%. The business had revenue of $494.27 million for the quarter, compared to analyst estimates of $479.37 million. During the same period last year, the company earned $0.35 EPS. Momo’s revenue for the quarter was up 58.3% compared to the same quarter last year. Research analysts forecast that Momo Inc will post 2.12 earnings per share for the current fiscal year.
Momo Inc operates a mobile-based social and entertainment platform in the People's Republic of China. The company operates Momo platform that includes its Momo mobile application and various related features, functionalities, tools, and services to users, customers, and platform partners. It offers Momo mobile application that enables users to establish and expand their social relationships based on locations; interests; and recreational activities, including live videos, short videos, social games, and other video- and audio-based interactive experiences.
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