Momo (MOMO) Stock Price Down 8.2%
Momo Inc (NASDAQ:MOMO) shares were down 8.2% during trading on Wednesday . The stock traded as low as $34.40 and last traded at $34.50. Approximately 7,489,506 shares changed hands during trading, an increase of 55% from the average daily volume of 4,834,860 shares. The stock had previously closed at $37.59.
Several research analysts have recently commented on MOMO shares. ValuEngine lowered Momo from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. BidaskClub upgraded Momo from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Zacks Investment Research lowered Momo from a “buy” rating to a “hold” rating in a research report on Tuesday, August 7th. Finally, Standpoint Research upgraded Momo from a “hold” rating to a “buy” rating in a research report on Tuesday, July 31st. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Momo presently has a consensus rating of “Buy” and a consensus target price of $49.41.
The stock has a market capitalization of $8.73 billion, a P/E ratio of 23.76, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. The company has a debt-to-equity ratio of 0.21, a current ratio of 3.46 and a quick ratio of 3.46.
Large investors have recently added to or reduced their stakes in the stock. CIBC Private Wealth Group LLC purchased a new position in Momo in the second quarter valued at $1,750,000. Schwab Charles Investment Management Inc. boosted its holdings in Momo by 39.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 107,324 shares of the information services provider’s stock valued at $4,669,000 after purchasing an additional 30,511 shares during the period. Korea Investment CORP boosted its holdings in Momo by 30.5% in the second quarter. Korea Investment CORP now owns 112,100 shares of the information services provider’s stock valued at $4,876,000 after purchasing an additional 26,200 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in Momo by 63.6% in the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,200 shares of the information services provider’s stock valued at $313,000 after purchasing an additional 2,800 shares during the period. Finally, Liberty Mutual Group Asset Management Inc. purchased a new position in Momo in the second quarter valued at $213,000. Hedge funds and other institutional investors own 53.44% of the company’s stock.
About Momo (NASDAQ:MOMO)
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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