Momo (NASDAQ:MOMO) Upgraded to Strong-Buy at Zacks Investment Research
Momo (NASDAQ:MOMO) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks.com reports. The firm presently has a $43.00 price objective on the information services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.54% from the stock’s previous close.
According to Zacks, “Momo Inc. provides mobile-based social networking platform primarily in the Peoples Republic of China. Its platform includes mobile applications and related features, functionalities, tools and services. The Company offers two types of mobile game services non-exclusive mobile game services and exclusive mobile game services. It also provides membership subscription and other services which include paid emoticons and mobile marketing services. Momo Inc. is headquartered in Beijing, the Peoples Republic of China. “
Several other equities research analysts also recently weighed in on the company. ValuEngine downgraded Momo from a “hold” rating to a “sell” rating in a report on Wednesday, November 27th. Jefferies Financial Group started coverage on Momo in a report on Monday, August 5th. They set a “buy” rating and a $40.40 price objective on the stock. UBS Group raised their price objective on Momo from $42.00 to $43.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Benchmark raised their price objective on Momo from $47.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, November 27th. Finally, BidaskClub raised Momo from a “sell” rating to a “hold” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $44.49.
Institutional investors and hedge funds have recently made changes to their positions in the business. Atlas Capital Advisors LLC acquired a new position in Momo during the 3rd quarter worth about $26,000. Ayalon Holdings Ltd. acquired a new position in Momo during the 3rd quarter worth about $59,000. Quantum Capital Management acquired a new position in Momo during the 3rd quarter worth about $76,000. Tower Research Capital LLC TRC lifted its holdings in Momo by 92.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,794 shares of the information services provider’s stock worth $136,000 after buying an additional 1,818 shares during the period. Finally, CSat Investment Advisory L.P. acquired a new position in Momo during the 2nd quarter worth about $155,000. 62.06% of the stock is currently owned by hedge funds and other institutional investors.
Momo Company Profile
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 talent shows, short videos, social games, and other video- and audio-based interactive experiences.
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