Hello Group (NASDAQ:MOMO) Shares Gap Up – Here’s Why

Shares of Hello Group Inc. Sponsored ADR (NASDAQ:MOMO) gapped up before the market opened on Wednesday . The stock had previously closed at $6.00, but opened at $6.25. Hello Group shares last traded at $6.3950, with a volume of 226,730 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MOMO shares. Jefferies Financial Group set a $8.10 target price on shares of Hello Group in a research note on Wednesday, December 10th. Weiss Ratings restated a “hold (c)” rating on shares of Hello Group in a report on Monday, December 22nd. Finally, Zacks Research raised Hello Group from a “strong sell” rating to a “hold” rating in a research report on Monday, December 15th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $8.10.

Hello Group Stock Performance

The company has a market cap of $759.09 million, a P/E ratio of 7.61 and a beta of 0.35. The stock has a 50-day simple moving average of $6.57 and a 200 day simple moving average of $6.90.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MOMO. Raymond James Financial Inc. bought a new stake in Hello Group in the 2nd quarter valued at $41,000. Loomis Sayles & Co. L P boosted its position in shares of Hello Group by 322.1% during the 2nd quarter. Loomis Sayles & Co. L P now owns 5,390 shares of the information services provider’s stock valued at $45,000 after acquiring an additional 4,113 shares in the last quarter. Quarry LP bought a new stake in Hello Group in the third quarter valued at about $65,000. Barclays PLC raised its position in Hello Group by 696.8% in the fourth quarter. Barclays PLC now owns 10,000 shares of the information services provider’s stock worth $66,000 after purchasing an additional 8,745 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in Hello Group in the third quarter worth about $88,000. 50.96% of the stock is owned by institutional investors.

Hello Group Company Profile

Hello Group Inc (NASDAQ: MOMO) is a China-based technology company specializing in mobile social networking and interactive entertainment. Its flagship product, the Momo app, offers location-based social discovery services that enable users to find and connect with new friends based on shared interests and geographic proximity. The platform integrates instant messaging, group chat, and content-sharing features, while also providing premium subscriptions and in-app purchases such as virtual gifts and sticker packs.

In addition to Momo, Hello Group’s portfolio includes Tantan, a dating-focused social app designed to help users build meaningful relationships through profile matching and interest-driven swiping.